(Updated 12:27 p.m.) Despite registering a double-digit growth in the first four months, the number of cars produced in the Philippines remains the smallest in Southeast Asia.
Philippine car output rose 13 percent to 26,318 units in January to April period 23,285 a year earlier, data from ASEAN (Association of Southeast Asian Nations) Automotive Federation (AAF) showed.
However, among the five ASEAN production hubs, Philippine car production was the lowest.
Thailand took the top spot with 644,222 units produced for the period, followed by Indonesia with 461,373 units, Malaysia with 210,443 and Vietnam with 33,068.
“Relatively, we’re coming from a low base… So, in absolute number of cars, we’re still smaller compared with our peer markets,” Metropolitan Bank & Trust Co. research head Ildemarc Bautista told GMA News Online.
Having a small base has its advantage, bringing in more potential for growth, he noted.
But , the Philippine automotive industry is facing a lot of issues, particularly in foreign direct investments (FDI).
“The issue on bringing more FDIs in the country is an impediment [to growing the production capacity],” Bautista said.
However, this impediment will be a bigger for the Philippines once the regional integration takes place and the ASEAN Economic Community (AEC) is taken as a single market.
“When AEC takes place, it doesn’t matter where FDIs go, because ASEAN will be considered as one,” Bautista said.
By 2015, the AEC sets in motion the creation of single market and production base for the 10-nation bloc to compete with the rest of the world. The AEC will be characterized by the free flow of goods, services, skilled labor, investments and capital.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
In terms of sales, the Philippines ranked fourth in the region. It sold 69,737 units in the same comparable period, up 22.1 percent from 57,128.
The highest in terms of sales was Indonesia with 435,382 units, followed by Thailand with 297,431.
Malaysia ranked third with 218,642 units sold while Vietnam came in fifth with 34,237. Sixth was Singapore with 12,426 units and seventh was Brunei with 5,913. – VS, GMA News
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