The Department of Trade and Industry (DTI) vowed it will implement ways to support industries specifically the automotive industry in light of the slowdown in the global demand.
“We will study the current situation. What we would like is to prevent layoffs and to possibly save jobs,” DTI Undersecretary Elmer C. Hernandez said in an interview.
According to Hernandez, the help would come in the form of both fiscal and non-fiscal incentives.
Last year, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) called on the government to give the public specific measures on how the country will deal with the economic slowdown as a result of the crisis that has sent a number of rich nations into recession.
“The government still has not made any substantial statement,” Melchor R. Dizon, CAMPI vice president said.
According to Dizon, it is time for the government to assure the public that it is working in order to cushion the country against the global financial crisis especially since experts have predicted a slower 2009 for the Philippines.
Dizon said businesses are very concerned that is why the government must take a position on the country’s economic fundamentals and implement sound policies.
“It is now a confidence problem,” he explained further.
Dizon said the government can work on keeping business confidence especially since the country has been somewhat insulated given the healthy banking industry.
In spite of this, CAMPI has predicted a growth of two to four percent for the auto industry.–Ma. Elisa P. Osorio, Philippine Star