RP Car Market Hanging In There
It is not what you may call good news but at least the car industry in the Philippines is still hanging in there. Though not directly affected at the moment by the world crisis plaguing the car sector, Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) is not about to take it easy.
CAMPI President Elizabeth Lee said they are asking government help through lower excise taxes, permanent investment incentives and acquiring locally assembled vehicles. About half a million families are supported by the auto industry according to Lee as they employ a total of 74,00 workers, industry wide.
CAMPI has met with the Board of Investments last month and talked of ways to help cushion the industry from the effects of the global economic slowdown. One of the results of the talks was a proposal to lower the excise tax imposed by the government on them.
Sales of passenger cars went up by 14.2 percent in January as compared to last year. They were led by Honda Cars Philippines Inc., selling 1,278 units, followed by erstwhile local leader Toyota Motor Philippines Corp. with 1,273 units.
(Source) ABS CBN News
Tags: auto industry, automotive manufacturers, campi, car industry, car market, elizabeth lee, excise taxes, global economic slowdown, Honda, honda cars philippines, honda cars philippines inc, investments, passenger cars, toyota motor