Confident in PH Growth Potential, Looks Ahead to Manufacturing Boost in 2018

02-Dec-2017 Intellasia | Carmudi | 6:00 AM Print This Post

Coming off from its successful run in the 50th Asean summit, Hyundai Asia Resources, Inc. (HARI) seeks greater heights in 2018, showing continuous confidence in the potential of the Philippine economy. Recognising the remarkable contribution of manufacturing to Q3 GDP growth in 2017up by 9.4 percent year-on-year to outpace servicesHyundai welcomes this structural shift for the Philippines going into 2018.

“Indeed, we live in volatile and complex times,” said HARI President and CEO Maria Fe Perez-Agudo. “On a positive note, we must also recognise that these are exciting and dynamic times, particularly for the automotive industry. As manufacturing has picked up the pace in the third quarter, we look forward to the opportunities it will open for the industry next year.”

According to the Philippine Statistics Authority, manufacturing grew by an average of 8.3 percent to-date, with nine out of the 22 subsectors recording double-digit growth, including transport equipment expanding by 16 percent as of the third quarter. One major factor for this development is the exports sector, which exceeded its annual official target of five percent to reach 12 percent, making headway in more markets.

Parallel to this development is the creation of the first Hyundai Assembly centre (HAC) in the Philippines in 2017, fulfilling Hyundai Motor Company’s (HMC) goal to expand its presence in Southeast Asia. In its shift from distributor to assembler, HARI joins its counterparts in Malaysia, Indonesia, and Vietnam, to spur investment and develop human capital in the Asean region.

As the Philippines moves toward Asean Economic Integration, Hyundai is ready to face the necessary changes in improving its global value chain and parts manufacturing services, particularly for the Hyundai Eon and Hyundai H350, its locally-assembled vehicles. Eon sales reached 5,903 vehicles as of November 2017, capturing first-time car buyers or millennialsthe segment poised to reshape and disrupt the Philippine economy. Meanwhile, the H350 served as the official mobility vehicle in the Asean 50 and Asean Business & Investment Summit, gaining a broader audience as a special commercial vehicle.

“Our thrust is to go beyond mobility,” the HARI chief added. “While our participation in the Asean summit strengthened our presence in the economic community; more importantly, it showed our resolve to support the national agendato gain new ground and increase our overall competitiveness in the region.”


Category: FinanceAsia

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