Automakers Cite OFWs as Key Factor in Growth
The country’s automotive industry has exhibited a steady growth through the years despite the global economic crunch – thanks in part to the inflow of dollars from overseas Filipino workers (OFWs).
“OFW remittances and the growing entrepreneurship trend are key factors that sustain vehicle sales,” said Elizabeth Lee, president of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI).
She said that since OFWs and other budding entrepreneurs have a tight budget, they want value for money.
“They want multi-purpose vehicles that double as personal and business vehicle,” Lee said, explaining that these types of vehicles make up the majority of sales nationwide.
The CAMPI chief said that despite the global crisis on food and oil, and the slump in auto sales in the United States, the Philippine auto industry has continuously grown through the years.
Up to July this year, in fact, the industry grew by 14.2 percent compared to year-ago levels.
Lee’s report on the contributions of OFWs to the local auto market came as CAMPI launched Thursday the four-day 2nd Philippine International Motor Show at the World Trade Center in Pasay City.
The second installment of the yearly event showcased “green” technologies in car engines and fuel-efficiency – the industry’s answer to the government’s call for hybrid models that are more into the use of renewable energy.
As of last report, the Bangko Sentral ng Pilipinas said that the country’s OFW dollar remittances are likely to breach the $15-billion mark for the year.
The central bank said that OFW remittances have already reached $4.0 billion in the first quarter of 2008, with the highest month-on-month remittances reaching $1.4 billion in March, on top of $1.3 billion in February, and another $1.3 billion in January.
In 2007, OFW remittances reached the highest in history at $14.449 billion.
Government data showed that global OFW deployment had surged by 13.6 percent. Deployment increased to 263,129 in the first quarter of 2008, from 231,647 in the same period in 2007.
by ROY MEDINA, abs-cbnNEWS.com
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Elizabeth Lee:
I was elated and at the same time wondering for the article
in the abs-cbn news citing OFW’s as part key-player to the automobile business in the Phillipines. Partly because we, OFW’s are often ostracised if not looked down on acquiring small comforts in life such as vehicle possession. Banks and Car Financing firms decline applications for car/used car loans most often than not. Show -money-first and full scrutiny of financial capabilities which usually takes eternity then rejection. Also because banks and financing firms take part in the interests dilema that suffocates medium-earning OFWs to death.
If phillipine pawnshops could drop interests to compete with the market, why can you not?
You were partially right on the mentioned recent rise in car sales. Most of my brother-in-arms here in Macao really dare buying handsome ,brand new cars to reward themselves for their jobs well done. Scores of Sta Fe’s and starex’s can be noticed.
As unsung heroes of today, I do hope you will initiate a handsome , reasonable deal for us OFW’s. How about a lower price for my burger? like the one you give to Senior citizens? We will be more than grateful for that. And I assure you, more wheels will roll.
More power and thank you.
Simon Ed Andrade
Pit Supervisor
Sands Macao Resort and Casino
OFW whose getting carloan… Beware!!!
basta huwag lang kayo mag car loan sa BDO (Banco De Oro). Madelelay ka lang ng ilang araw sa payment . nang harass na sa telepono sa bahay mo. di nila mainitindihan na magkaiba ang banking days ng manila at saudi arabia kaya minsan nagkakaroon ng delay sa remittance.
tapos ng ma-fully paid ko na yung car loan ko. naghahanap pa ng special power of attorney (stamped by the embassy d2 sa saudi) para ma-irelease ng wffe ko yung CR at OR ng auto ko. P4000 pesos gastos din yun ano..besides layo ng embassy dito.
nakakabwiset…so better get your carloan sa BPI (Bank of Philippine Islands) maganda na service, polite pa employees at naiintindihan nila minsan may slight delay sa remittance besides mababa pa ang interest… babalik na ko sa BPI for my next car loan. Its a mistake getting a loan sa BDO. di nila alam kung ano ang corporate identity nila. palibhasa wala pang identitiy kasi ibat ibang bank na ang binili nila at hinde malaman kung ano ang surviving identity…