Auto and parts manufacturers to launch road map for competitiveness
(Manila, Philippines, January 25, 2012) – The Philippine Automotive Competitiveness Council Inc. (PACCI), whose membership represents 90 percent of the automotive manufacturing industry, announced that it will hold an industry summit to present a road map for expanding the domestic market and achieving competitiveness in the Association of Southeast Asian Nations (ASEAN) region.
The Third Philippine Automotive Manufacturing Summit, with the theme “Driving the Automotive Industry to Progress,” will take place January 31 at the Intercontinental Hotel, Makati City, and will be attended by representatives from government agencies, foreign and local organizations supporting the automotive manufacturing industry, and the private sector.
PACCI recently urged the government to work collaboratively with the industry to drive domestic market growth and achieve global competitiveness. “The automotive manufacturing industry is at a crucial stage. We welcome the government’s commitment to develop the Motor Vehicle Development Program and PACCI will do its share to harness the Philippines’ potential to become a major production hub in the region,” said Feliciano Torres, PACCI chairman.
PACCI is optimistic about the country’s potential for economic growth. A report by HSBC Global Research revealed that the Philippines is set to become the world’s 16th largest economy by 2050. The Philippines is a frontrunner among 26 “fast-growth countries” projected to achieve average annual growth of more than 5% – behind China and India.
The Philippines was also identified as one of the N-11 or “Next 11” countries by Goldman Sachs. The concept identifies a group of 11 large-populated and diverse countries that can potentially rival growth in developed countries by 2020.
PACCI officials believe the automotive manufacturing industry can contribute significantly to achieving the potential that the studies forecast for the Philippines. “Our members are major players in the industry and include the Motor Vehicle Parts Manufacturing Association of the Philippines, Ford Motor Company Philippines, Honda Cars Philippines, Inc., Isuzu Philippines Corporation, Mitsubishi Motors Philippines Corporation, and Toyota Motor Philippines Corporation,” Torres said.
“We believe we can do more with strengthened government support. At the summit, we will share our plans and insights on how to expand the industry,” he added.
Industry experts who will join the summit include Philippine Economic Zone Authority (PEZA) director general Lilia de Lima; Dr. Rafaelita Aldaba of the Philippine Institute for Development Studies; Norio Usui, Asian Development Bank (ADB) senior country economist, Dr. Bernardo Villegas and Dr. Thomas Aquino of the University of Asia and the Pacific; and Vicente Mills Jr., president of the Philippine Automotive Federation and president of the ASEAN Automotive Federation.
About the Philippine Automotive Competitiveness Council Inc.
The Philippines Automotive Competitiveness Council Inc. (PACCI) was established in March 2009 to provide a united voice to advocate for the automotive manufacturers and parts makers of the Philippines. PACCI aims to support the domestic auto and auto parts manufacturing industries and increase their overall future competiveness.