"We expect to put everything in place by yearend. We are ahead of schedule in the implementation of the program," Roxas said.
The MVDP as contained in Executive Order 156 called for the following measures: the rationalization of excise taxes; the prohibition of used vehicles importation, except some trucks, buses and special purpose vehicles such as heavy equipment, fire trucks and ambulances and those covered under the balikbayan program; the restructuring of the most favored national tariff rates; grant of export incentives; and the extension of the ASEAN Industrial Cooperation (AICO) scheme.
"The extension of the AICO scheme is scheduled to be ratified by members of the Association of Southeast Asian Countries," Roxas said.
The DTI chief, however, had no comment on the prohibition of used vehicles as the issue is still being questioned in court.
The new MVDP is aimed at turning the Philippines into a regional hub for the production of motor vehicles, parts and components.
Roxas said the automotive industry directly employs about 40,000 people and generate at least $1 billion in export revenues for the country.
"At least P68 billion has been invested in the industry of which P40 billion went into auto assembly and P28 billion in parts manufacturing," Roxas said.