This was revealed by Feliciano Torres, president emeritus of the Motor Vehicle Parts Manufacturers Association of the Philippines (MVPMAP), as the Board of Investments (BoI), is preparing a second phase of the AEP program for exports of automotive parts and exports of completely built-up buses, trucks, and motorcycles.
According to Torres
, local parts makers exported $1.8-billion worth in 2004 and supplied between $27 billion to $30 billion for the domestic requirements of original equipment manufacturers.MVPMAP
is projecting a 10 percent annual increase in its direct exports or $2.2 billion this year and $3 billion by 2010.
"This means we have our own direct exports in the replacement market," Torres
In addition, there are consolidated exports by the major car assemblers for their global requirements. Torres
explained they are amenable to either tariff or tax credits incentives, which they could use to pay for their imports of raw materials.