DTI Optimistic with Auto Industry’s Growth

The Department of Trade and Industry (DTI) maintains a positive outlook of the country’s automotive industry.

Board of Investments (BOI) Executive Director Ma. Corazon Halili-Dichosa said during the Manila International Auto Show (MIAS) 2018 Thursday that the automotive industry remains a key industry for the country’s development.

“The automotive industry in the Philippines has always been in the mainstream. We have viewed it as a key industry for development with its vast supply chain and labor impact,” Dichosa said. “And throughout the years, it has always been presented a number of opportunities for growth and I hope that the industry will not hesitate to grab this.”

She noted that as the country welcomes new and innovative technologies in the automotive sector which will lead to the continuous growth of the industry and in turn will translate to more vehicle purchases.

The official added that the policy reforms of the government will be supporting the growth of the industry and the economy.

These reforms include the Customs Modernization and Tariff Act that promotes better rules and procedures for faster trade and improvement on supply chain connectivity; the Philippine Competition Act that promotes and maintains fair competition in the market by regulating anti-competitive behavior; and the Tax Reform for Acceleration and Inclusion or TRAIN Law, wherein additional revenues for the government will fund infrastructure program.

In the ease of doing business front, the government also launched the Project Repeal, which aims to pull out irrelevant laws and regulations that become regulatory burden to businesses. (PNA)