Auto parts makers exported $3.1b in ’10

Auto parts makers exported $3.1b in ’10

by UA&P News Desk on March 7, 2011 - 8:58 am

From the Manila Standard Today, by Julita Rada

Local automotive parts makers exported $3.1 billion in 2010, up 20 percent from 2009, the Philippine Automotive Competitiveness Council Inc. said Friday.

The group, composed of Ford, Honda, Isuzu, Mitsubishi and Toyota parts makers, said the vehicle components consisted largely of wiring harness, transmissions, instrument clusters, aluminum wheels, tires, ABS modules and semiconductor assemblies, including batteries, forgings, stampings and cast products.

“The local parts industry must be strengthened to play a vital role in the growth of local vehicle production, which is only operating at 60 percent of plant capacity utilization,” said group chairman Feliciano Torres in a statement.

Torres said parts makers were awaiting fiscal incentives from the Motor Vehicle Development Program to maximize production opportunities.

PACCI president Michinobu Sugata, who is also the president of Toyota Motor Philippines Corp., said the manufacturing sector remained optimistic that “appropriate government support can be achieved to allow the country to become regionally competitive as vehicle demand steadily increases with Asean economic growth.”

A recent economic study done by the University of Asia and the Pacific validated the strong multiplier effect that the local automotive industry has on the economy, establishing it as one of the top industries with extensive production linkages and benefits to the economy.

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