Expect more jobs and a stronger peso in the future should plans of BMW Group to source more automotive parts in the Philippines pan out.
In an official trip to Germany recently, Department of Trade and Industry (DTI) Secretary Ramon Lopez recently met with members of the business chambers and companies as he promoted President Rodrigo Duterte’s economic policies highlighted in ‘Dutertenomics’.
“I met BMW group also and they will be sourcing more automotive electronic parts from the Philippines as part of its ASEAN strategy,” said Lopez.
Currently, BMW Group is importing an average of 16 million euros (Php 925 million) worth of auto components and electronic control units (ECUs) from the Philippines on an annual basis.
“[BMW] intends to increase that value in the coming years in support of its ASEAN strategy, which identified Thailand and Malaysia as its manufacturing hubs in the region and Philippines as auto parts supplier,” added Lopez.
Export of automotive electronics from the Philippines grew by 30.4% in 2016, which represents an increase to US$ 146 million from only US$ 112 million in 2015.
“BMW also intends to bring latest plug-in hybrid vehicles and collaborate with local Electric Vehicle Association of the Philippines in building the necessary e-vehicle infrastructures such as the setting-up of charging stations in the country,” Lopez ended.