MANILA, Philippines–The Board of Investments, an attached agency of the Department of Trade and Industry, is considering ways to assist the Philippine aerospace sector to participate in international events.
By doing so, the agency hopes to establish the country as a possible aerospace manufacturing hub in southeast Asia.
According to data from the Department of Trade and Industry (DTI), there are discussions to bring members of the Aerospace Industries Association of the Philippines (AIAP) to the Kuala Lumpur International Aerospace Business Convention next month.
This will “provide opportunities for the industry to showcase its local manufacturing capabilities, promote a country-sell for the sector, and possibly to participate in B2B encounters with potential international aerospace suppliers,” the DTI said.
Also being considered was the participation of the local aerospace sector in the Paris Air Show in June this year, with the assistance of the Philippine Trade and Investment Center in Paris, France.
According to the DTI, the Philippines has been an aerospace original equipment manufacturing location since the 1980s, when Moog Controls Corp. established its manufacturing operators of flight control actuation systems in Baguio. Also, notable aerospace players such as B/E Aerospace and Jamco have set up facilities in the country in 2011 and 2012, respectively.
The three companies form the so-called Tier 1 OEM supplier base in the country.
Based on its road map, the local aerospace sector targets to raise export revenues to $2.573 billion by 2022, which will enable it to contribute 0.57 percent to the local economy. Direct employment meanwhile, is targeted to reach 14,932 by 2022.
As of end 2013, exports stood at only $385 million, contributing 0.15 percent to the local economy. Direct employment during the same period reached 2,200.