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NEWS UPDATES 20 August  2010

Aquino wants to rebuild

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President Benigno Aquino 3rd has promised to make progress and prosperity a mark of his administration.

“Our administration is eager to rebuild this nation with you. We are eager to show the world what the Filipino can do,” President Aquino told local industry leaders.

He also told the automotive manufacturers that his administration was working to curb smuggling in the country.

“How often have we heard that our nation is a jeepney? Outmoded, but somehow, chugging along. We have to rev things up, to go from the service road of slow growth, to the expressway of high growth,” he said.

A self-confessed car lover, Mr. Aquino shared that driving is one of his great pleasures.

Mr. Aquino pointed to data from the Labor department showing 74,700 Filipinos were employed as vehicle assemblers, distributors, parts and components manufacturers and vehicle dealers.

“Your industry is helping us get our economy gear up for change. With a total investment amounting to P100 billion, you have contributed over P20 billion in duties and taxes to the national account,” he said.

“Your withholding taxes amount to an estimated P325 million annually. This means that with the additional funds, your government can devote to delivering basic services, such as more classrooms or better hospital facilities for our countrymen,” Mr. Aquino added.

The president noted that the car industry has registered a 37.1 percent sales increase during the first six months of this year.

He said that it also raised its growth target to 11 percent.

He further cited as examples the cases that the Finance department and the Bureau of Customs had filed before the Justice department against those who had evaded appropriate duties on imported vehicles.

The President Aquino also vowed that his government would support efforts to enhance motor vehicle development.

This year’s Philippine International Motor Show showcases the latest “green” technologies in fuel-efficient automobiles, such as hybrid cars and clean-burning, diesel-powered vehicles.

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