President Benigno Aquino approved the Comprehensive Automotive Resurgence Strategy that will provide incentives to the local production of vehicles, the Standard reported, citing the Trade Department.
The incentives package is expected to attract more than 27 billion pesos ($606 million) in new parts manufacturing investments, locally produce at least 600,000 vehicles and generate a total economic activity estimated to be worth 300 billion pesos over a six-year period. (http://bit.ly/1SRX3wN)
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NOTE: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 44.5100 Philippine pesos) (Compiled by Manila newsroom; Editing by Anand Basu)