Philippines Readies Auto Industry Incentives

The Philippines is preparing a broad program of tax breaks and other incentives to bolster its auto industry, Bloomberg News reports.

The country's "comprehensive automotive resurgence strategy" due later this year will infrastructure improvements to lure more foreign investment. Trade Secretary Gregory Domingo tells the news service that direct incentives will be linked to unspecified minimum production levels.

Bloomberg says the Philippines hopes to achieve the same success Thailand did in building its auto industry. IHS Automotive estimates Thailand will assemble 2.1 million vehicles this year compared with 90,000 for the Philippines.