During the recent Philippine Auto Parts Expo (PHilAPEX), local automobile, truck, and automotive parts manufactures took center stage to showcase what true Filipino ingenuity is all about and that even a depreciating peso value can't stop it.
Some of these manufacturers include Mitsubishi and Toyota. Both carmakers, though having Japanese origins, were highlighted as they took the challenge of locally manufacturing the Mirage/Mirage G4 and Vios, respectively as part of the government’s Comprehensive Automotive Resurgence Strategy (CARS) program.
Since the CARS program allows 3 automotive manufacturers, and that no other car brand here in the country came forth, the government took a step forward and allocated the 3rd spot and its budget to various local truck, bus, and auto parts makers, thus giving the country’s Jeepney Modernization Program a boost.
In this regard, the PhilAPEX displayed 16 prototype examples of what could be the future jeepney’s design, all of which complied with the new Bureau of Philippine Standards PNS 2126:2017’s (Phil. National Standards No. 2126 Series of 2017) guidelines for occupant safety and convenience. One major player on that exhibit is Centro Manufacturing Corporation (CMC) which fielded 7 of its prototype modern jeepney models.
“We will just allow natural market forces to determine the exchange rate. Thus, even a depreciation will be beneficial to exporters as they stand to earn more. This will give natural protection to domestic manufacturers since it will now make imports expensive. This will encourage more local production and an increase in production capacities that will allow us to export more in the future,” said Department of Trade and Industry Secretary Mon Lopez who gave an interesting speech, citing the good benefits of an otherwise unpleasant economic effects of the Philippine peso depreciation.
