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Philippines to update car programme
The Philippines plans to revise its Motor Vehicle Development Program (MVDP) to keep it up to date following a shakeup in the global auto industry, reported local daily the Manila Times.
Trade Undersecretary Elmer Hernandez said the Board of Investments (BOI) is awaiting the results of a study commissioned by some local assemblers, adding this would serve as input to the agency’s own recommendations for the MVDP.
Hernandez, who is also BOI managing head, told reporters last week that the results of the Deloitte Touche Tohmatsu study were already in the hands of the concerned assemblers.
“I have not seen it [the Deloitte study] yet. I want a separate briefing from Deloitte and I want a copy [of the report],” he said.
The Trade official said Deloitte representatives will provide BOI a briefing next week.
Hernandez said those who commissioned the study will provide their recommendations, although “it doesn’t follow that they will follow all of Deloitte’s recommendations. That’s what they [industry people] told me.”
The official said the BOI also wants to make its own recommendations based on the Deloitte study.
“We will meet with the industry players who commissioned the study, and we will discuss their recommendations. Then we will consult with the whole industry, and then hopefully we can craft a new MVDP,” he said.
Hernandez said the MVDP has to be adjusted according to the requirements of the various bilateral and regional trade agreements entered into by the Philippines, such as the Japan-Philippines Economic Partnership Agreement and the Asean Free Trade Agreement.
“There is a need to update the MVDP to ensure continued viability of an auto manufacturing industry in the Philippines,” he said.
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