MANILA, Philippines (The Adobo Chronicles® ) – Volkswagen is bowing out from the Philippine government’s Comprehensive Automotive Resurgence Strategy (CARS) Program, saying the program is preferential to existing auto players, and the production hurdle therein is too high.

The move has effectively cost the Philippines $200 million in investments that Volkswagen Philippines has been willing to infuse in its manufacturing operations. After much speculation as being the third carmaker vying for a spot in the Department of Trade and Industry’s (DTI) CARS Program, the German firm dispelled the rumors and effectively ended all speculation.

“The program is favorable to incumbents. It’s not attractive to new entrants,” John Philip S. Orbeta, chairman and president of Volkswagen, told reporters on Friday.

The 200,000-unit production hurdle was the main deterrent hindering the world’s largest automaker from participating in the program, as it dictates the volume to be reached in a span of six years—a herculean task for a new entrant.

Unlike existing car firms that have already reached the scale in sales and production to qualify for the program and are in a better position to hit the 33,000-unit-a-year requirement, Volkswagen will have to start from scratch.

Following the announcement from the German automaker, The Adobo Chronicles® has received hundreds of offers from Filipino millionaires who wanted to purchase its company car, a 2014 Volkswagen Tiguan.

“It will be such a great prestige to own a Volkswagen considering that locally-manufactured units will not be available at all because of the car manufacturer’s withdrawal from the Philippines,” one potential buyer said.

Although the Tiguan was assembled in the United States, it has the mark of the Philippines because of its unique license plate, MYADOBO.

The Adobo Chronicles® has not decided if it wants to sell its company car.