MANILA -- The Philippine government has recognized the automotive vehicle industry's contributions towards accelerating the country’s economic growth in recent years, a Palace official said.
During the 7th Philippine International Motor Show in Pasay City on Wednesday, Executive Secretary Salvador Medialdea said vehicle manufacturers have enhanced the competitiveness of the local industry, while developing the technical skills of its workforce.
Medialdea noted that the industry has fueled economic growth further with its output and exports.
He said the output value of the industry in 2017 reached more than PHP300 billion, or 4 percent of the country’s gross domestic product (GDP).
Likewise, it contributed to the country’s export revenues as the industry shipped some PHP318-billion worth of automotive parts.
Moreover, data from the Chamber of Automotive Manufacturers of the Philippines show the industry has so far invested about PHP120 billion in the country.
Its members have collectively contributed some PHP30 billion in taxes and duties to the nation’s coffers. (PNA)
