The Philippine Automotive Competitiveness Council Inc said that local automotive parts makers exported USD 3.1 billion in 2010, up by 20% YoY from 2009.
The group, composed of Ford, Honda, Isuzu, Mitsubishi and Toyota parts makers, said the vehicle components consisted largely of wiring harness, transmissions, instrument clusters, aluminum wheels, tires, ABS modules and semiconductor assemblies, including batteries, forgings, stampings and cast products.
Mr Feliciano Torres chairman of Philippine Automotive Competitiveness Council Inc said that "The local parts industry must be strengthened to play a vital role in the growth of local vehicle production, which is only operating at 60% of plant capacity utilization."
Mr Torres said that parts makers were awaiting fiscal incentives from the Motor Vehicle Development Program to maximize production opportunities.
Mr Michinobu Sugata president of PACCI, who is also the president of Toyota Motor Philippines Corporation, said that the manufacturing sector remained optimistic that appropriate government support can be achieved to allow the country to become regionally competitive as vehicle demand steadily increases with ASEAN economic growth.
A recent economic study done by the University of Asia and the Pacific validated the strong multiplier effect that the local automotive industry has on the economy, establishing it as one of the top industries with extensive production linkages and benefits to the economy.
The local automotive manufacturing sector directly employs over 70,000 employees while support industries generate an additional 340,000 employees dependent on the sector.
Source: manilastandardtoday.com
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