Local Car Industry Lists Reasons for Bullishness in 2009

Consider these: low car-to-people ratio, returning overseas workers who will be looking for new sources of livelihood, local banks still enjoying liquidity and the rising income of Filipinos.

These factors inherent to the Philippine market are what, local automakers say, kept them confident these days—even if their counterparts in the developed economies are already frowning.

Elizabeth Lee, president of the Chamber of Automotive Manufacturers of the Philippines Inc., said the growth potential in the country remains very high amid the worsening financial and economic crisis. Read more

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). Read more