The Top Japanese car makers in Philippines
are threatening to reallocate its production to a cheaper Southeast Asian
country as Philippine government drags its feet to rebuild its shrinking car
manufacturing industry.
Potential production lines pullout
by Mitsubishi Motors and Toyota Motor Corp, which have a combined 50,000 production
vehicle as its annual capacity in Philippine country, this would mean that
Philippines could lose 1,000 jobs or more and millions of dollars worth of
planned and existing investments.
The time is really running out, officials
say, because there is less than two years left before the term of President
Benigno Aquino ends, and who has been backing the said plan.
"I believe that if this does not
get approved this quarter and signed by the president by the end of the year
and even in the first quarter next year, then let's forget about it because
nothing will happen anymore," Ferdinand Raquelsantos head of
MVPMAP said.
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