The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) said the government must patch the loopholes in the new motor vehicle program to attract more investments in the industry. “Our country going through its first taste of automated elections reflects democracy in action. This augurs well for the Philippines and for Filipinos, as foreign investors take a serious second look in terms of mid- to long-term investments—particularly in automotive,” Elizabeth Lee, Campi president, said in a statement on Wednesday.
But Lee said the recently approved Comprehensive Motor Vehicle Development Program under Executive Order (EO) 877 has “initial errors and inconsistencies,” which must be corrected.
Lee declined to elaborate on this concern, saying Campi would tackle this concern in a meeting on Friday.
She also said that all stakeholders should be invited, consulted, and be involved in crafting “fair and relevant” implementing rules and regulations (IRR) for EO 877.
The law should “welcome and entice new investments as well as help expand the operations of those who are already heavily invested in the country,” she said
In a text message, Lee said the Board of Investments (BOI)—the government agency in-charge of drafting the law’s IRR—has “not yet” consulted industry players.
“In general, the relatively peaceful election means . . . a more vibrant automotive industry for 2010,” the Campi official said.
“We can now step on the throttle and go full speed ahead with perhaps business ‘unusual’ as we look forward to an improved environment on the back of stronger consumer and business confidence that will benefit auto sales,” she said.
She also said that vehicle sales up to end-April grew 37.4 percent year-on-year, and that the industry would “meet, if not exceed” the original sales target of 137,000 units by yearend.
She added that the Campi-led Third Philippine International Motor Show in August would also boost sales. –BEN ARNOLD O. DE VERA REPORTER, Manila Times
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