Thursday, March 12, 2015

Philippines mimicking Thailand to build auto industry

Via Bangkok Post:

The Philippines will offer tax breaks to as many as three automakers as one of Asia’s fastest-growing economies aims to become a regional production hub.

President Benigno Aquino is set to issue an order implementing the Comprehensive Automotive Resurgence Strategy programme, or CARS, "within this year," Trade Secretary Gregory Domingo said in an interview in his office in Manila Tuesday. "The car industry's supply chain feeds into other industries, and we think that becoming a regional hub will help fill our gaps in manufacturing."

The Philippines is seeking to replicate Thailand's success in building its auto industry, betting that a young workforce and its biggest economic boom since the 1950s will lure companies such as Volkswagen AG.

No comments:

Post a Comment