Aquino promises more generous incentives for auto industry
BY BEN ARNOLD O. DE VERA
REPORTER
Friday,
20 August 2010
www.manilatimes.net
PRESIDENT Benigno Aquino 3rd on Thursday told auto assemblers that the
government is open to extending more generous incentives provided they help in
job generation.
In his speech during the opening of the 3rd
Philippine International Motor Show (PIMS), President Aquino commended the auto
industry for being “resilient and stable” and having “increasing confidence,”
citing the 37.2 percent year-to-date growth of vehicle sales.
The Aquino
government is committed to ending car smuggling to spur growth of local
assembly and higher utilization of capacity.
President
Aquino, at the opening of the 3rd Philippine International Motor Show (PIMS),
thanked the automotive industry for its contribution to the economy – P100
billion in investments, over 74,000 in direct job, P20 billion in duties and
taxes, and P325 million in withholding taxes.
The domestic
automotive industry is poised to revise growth target for the second time this
year to as much as 30 percent from 11 percent to end the year with all-time
high sales figure of 173,000 units on back of robust sales.
Elizabeth H.
Lee, president of the Chamber of Automotive Manufacturers of the Philippines
Inc., told reporters at the opening of the 3rd Philippine International Motor
Show at the World Trade Center they are going to meet next week to revise again
the growth target.
