MANILA, Philippines—The Philippine automotive industry continued to trudge behind its Southeast Asian neighbors, ranking last among five countries in terms of motor vehicle production as of end-December 2013.
Data from the Asean Automotive Federation showed that Philippine automotive production reached only 79,169 units last year, way behind Thailand, which remained the group’s largest motor vehicle manufacturer, producing a total of 2.46 million units.
Indonesia, meanwhile, produced 1.208 million motor vehicles, followed by Malaysia, with 601,407 units, and Vietnam, with 93,630 units.
In terms of motor vehicle sales, the Philippines ranked fourth among seven countries, with total sales reaching 181,738 units last year.
The country lagged behind Thailand, which sold the most number of vehicles at 1.33 million units in 2013. Indonesia followed with 1.23 million units sold.
Vietnam, Singapore and Brunei meanwhile sold 98,649 units, 34,111 units and 18,642 units, respectively.
Local automotive firms are mostly holding out on additional investments to increase production until the government issues the much-awaited automotive road map, which will outline the targets, direction and policies for the industry.
Trade officials are hoping to sit down with members of the Cabinet’s economic cluster this month to present the revisions made on the automotive roadmap, Trade Secretary Gregory L. Domingo recently told the Inquirer.
Also, the officials have updated the information regarding the incentives given to car manufacturers elsewhere in the region. The data will serve as the basis for the proposed set of perks to be granted to Philippine automotive firms.
“But again, there is no assurance that the [automotive road map] can be passed, as it involves a huge amount in terms of the support to be given to car manufacturers. That support refers to incentives,” Domingo explained.
The Department of Trade and Industry hopes that the road map will be issued within the first quarter of this year.—Amy R. Remo, Inquirer
Read more: http://business.inquirer.net/163926/ph-car-industry-still-lagging-behind-asean-neighbors#ixzz2tARQfllQ
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