President Benigno S. Aquino III lauded the "resilient" and "stable" automotive industry for helping the economy "gear up for change" by creating jobs and paying billions of pesos in taxes. "With a total investment amounting to P100 billion, you have contributed over P20 billion in duties and taxes to the national coffers. Your withholding taxes amount to an estimated P325 million annually," he said at the opening ceremonies of the 3rd Philippine International Motor Show (PIMS), which ends on Aug. 22 at the World Trade Center Metro Manila in Pasay City.

A total of 74,700 Filipinos are employed as vehicle assemblers, distributors, and parts and components manufacturers, the President noted. “Most of these workers are breadwinners for over half a million dependent family members."

Mr. Aquino, a self-confessed car lover who considered driving on a smooth, empty highway as a "favorite luxury," also cited the 37.1% increase in auto sales in the first six months of the year as a sign of improving political and economic conditions.

"Your industry's success is the story of our people," he said. "The 37% increase is reflective only of the perception that things will be better and we do believe that they are getting better, and I wonder what the figures will be by next year."

Despite the bullish trend, however, there are still opportunities left to be tapped, including investing on emerging technologies and exploring local supplemental industries, he added. For instance, the 132,444 units sold last year is still a hefty one million units short of our total plant capacity of 1.19 million. Also, the country has not maximized the domestic steel, rubber, chemical, and paint industries, logically adjunct to the automotive sector.

If fully realized, the partnerships can even jumpstart the local production of reasonably priced passenger cars, which he said can further bolster a "vigorous" Philippine automotive industry.

Mr. Aquino also cited the industry's initiative for more environmentally friendly models, saying it does not only save on resources, it also gives Filipino scientists a chance to discover more ecologically sound technologies.

"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 express way of high growth," he said.