BMW Philippines Winds Down Operations, Posts Loss of P187M

Losses of BMW AG’s local unit widened as it ended operations in the Philippines last year and turned over the local dealership to its Filipino business partner.

BMW Philippines Corp., in its 2008 financial report, said it had to sell inventory at a loss ahead of the closure of local operations.

The company’s net loss last year…

Philippines Still a Budding Market for Luxury Cars

Lexus Manila is cautiously optimistic of sales this year, which marks its official foray into the local luxury-car market.

Hiroyuki Tsuda, Lexus Manila Inc. executive vice president, told a round­table at The Manila Times on Thursday that the global financial crisis would indeed slow down global automotive sales. The luxury-car segment, he said, would not be…