CAMPI Foresees Long-Term Auto Industry Investors
Foreign investors particularly in the automotive sector are taking a serious look in terms of long term investments in the country because the successful first automated national elections have sent a positive signal to investors, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said.
“The relatively peaceful election means only one thing and that is, a more vibrant automotive industry for 2010. This augurs well for the Philippines, and for Filipinos as foreign investors take a serious second look in terms of mid to long term investments- particularly in automotive,” CAMPI president Elizabeth H. Lee said.
“We can now step on the throttle and go full speed ahead with perhaps business ‘unusual’ as we look forward to an improved environment on the back of stronger consumer and business confidence that will benefit auto sales,” Lee added.
The industry’s confidence was also boosted by the issuance of Executive Order 877 or the new Motor Vehicle Development Program.
Lee said that once the initial errors and inconsistencies have been corrected and all the stakeholders are invited in the crafting of the EO’s implementing rules and regulations, then the MVDP would help attracting new investments in the auto sector.
“A fair and relevant MVDP will welcome and entice new investments as well as help expand the operations of those who are already heavily invested in the country,” Lee said.
Lee pointed out that in the first 4 months of the year, automotive sales showed a robust 37.4% growth.
“We should be well on our way to meet if not exceed our original forecast of 137,000 sales for the year,” said Lee.
This year will also be a most exciting year for car lovers nationwide where motorists can look forward to CAMPI’s 3rd Philippine International Motor Show this August 19-21, 2010.
“We are looking forward, we anticipate a new beginning and perhaps a brighter future for our local automotive industry,” Lee said.
Manila Bulletin
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