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Japanese makers question Philippines expansion strategies

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Japanese makers question Philippines expansion strategies

The automakers from Japan that have local production facilities in Philippines are growing dissatisfied with the government’s reluctance to restart a sliding auto manufacturing industry.

The top Japanese automakers are now threatening they’ll move their local production facilities to cheaper Southeast Asian countries. If Toyota and Mitsubishi pulled their production out of Philippines, the country would lose 50,000 cars annually, around 1,000 jobs and more importantly – several millions of dollars in planned investments.

“I believe that if this does not get approved this quarter and signed by the president by the end of the year and even in the first quarter next year, then let’s forget about it because nothing will happen anymore,” said Ferdinand Raquelsantos, the chief of vehicle parts industry group MVPMAP.

“We have been telling the government, please issue the roadmap so there will be a clear policy direction and basis for Toyota’s investments in the Philippines,” adds Rommel Gutierrez, spokesman of Toyota Philippines.

The proposed government strategy has envisioned tax breaks designed to revive what has become a tiny car industry, while also turning it into a major manufacturing and exports hub for the region. But the plan has been in conundrum for more than two years, prompting carmakers to threaten to move to Malaysia and Indonesia.

Via Reuters

by Aurel Niculescu (my Google+) - Thursday, August 21st, 2014 - filed under Industry, Mitsubishi, News, Toyota. Image credit: .
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