Car parts makers get perks
Local car parts makers are starting to reap the benefits of the government’s P27-billion incentive program for vehicle assemblers, as they expect to forge at least 31 partnerships with foreign manufacturers within the next two years.
This is based on the estimates of the Philippine Part Maker Association (PPMA), which also expects employment in the car parts sector to surge by as much as 70 percent from the current count of 70,000 once the Comprehensive Automotive Resurgence Strategy (CARS) program comes into effect.
PPMA president Ferdinand Raquelsantos said the partnerships would most likely be with Japanese firms.
“This is in line with the objective of the program to enhance the production and business of local parts makers,” he said.
Amy R. Remo
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