Quantcast
Latest Stories

Domingo eyes Asian investors for auto sector

DTI going after Chinese firms exploring PH opportunities

By

The government is wooing companies from richer Asian neighbors to invest in local facilities and bridge gaps in the country’s auto manufacturing supply chain, allowing the Philippines to build and export more cars.

Trade and Industry Secretary Gregory Domingo said the main target were Chinese investors, many of whom were exploring opportunities in the Philippines.

“What we are looking for is to fill up the supply chain,” Domingo said in a recent interview.

His statements came following a recent visit by a delegation from the China Council for the Promotion of International Trade (CCPIT), which is looking at investment opportunities in the country.

China is the Philippines’ largest trading partner.

“Our interest is to find auto parts suppliers for gaps. We need plastic moldings, steel tools, dies. We can get that from anywhere, but China, being a big manufacturer, would be a natural place to look,” Domingo said.

To entice investors, the government is preparing a “road map” for the auto industry that would enumerate perks for manufacturers and other incentives that aim to create more jobs.

Other likely provisions would be the mandatory replacement of all 10-year-old vehicles and the inclusion of manufacturing fuel-efficient cars under the list of priority investments that receive automatic tax perks.

“That’s already moving,” Domingo said of the road map, but declined to say when it would be released.

He said that aside from China, the country also wants to attract investors from Japan and South Korea, which both have large auto manufacturing sectors.

Increased production in the country is expected to serve both the local and foreign car markets.

DTI records show that there are just 33 registered cars for every 1,000 Filipinos, indicating higher room for growth compared with more mature neighbors.

The local auto manufacturing industry directly employs 868,000 employees.

The top three car companies contributed the following amounts to the government in 2012 in the form of taxes and duties for imports: Toyota, P7 billion; Mitsubishi, P5.5 billion; and Hyundai, P4.8 billion.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , China Council for the Promotion of International Trade , Investment , News , trade and industry



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • $57-B mega plan to solve Metro’s mega woes
  • Aquino vows to step up fight against corruption
  • Santiago scoffs at rushing defense pact for Obama visit
  • Former solon, 2 others sanctioned for unfair labor practice
  • Let us pray for the nation, healing priest asks leaders
  • Sports

  • PH pug Hipolito Banal decisions Colombian in Aiba
  • Former Pacquiao sparmate Porter keeps IBF title
  • Grueling 2014 Le Tour de Filipinas hits road
  • ICTSI Tour big hitters have edge at Sherwood
  • What Manny Pacquiao and Floyd Mayweather could do
  • Lifestyle

  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Korean animation comes of age
  • Entertainment

  • Easter musings
  • Solenn in shorts
  • Unmerry mix of attention-calling moves on ‘Mini-Me’ TV tilts
  • Persistence pays off for The 1975
  • Special section in LA fest for Filipino films
  • Business

  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Golden Week
  • Bourse to woo Cebu stock mart investors
  • Supper power
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Search for Etihad passengers launched
  • Japan presents $57-B ‘dream plan’ to solve Metro congestion
  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Marketplace