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Industry News
Auto Industry NewsGroup wants Palace to recall new auto programThe multi-sectoral Fair Trade Alliance (FairTrade) has urged President Gloria Arroyo to recall the Motor Vehicle Development Program (MVDP) she earlier signed under Executive Order 877 citing several defects in the EO, particularly the abolished minimum investment requirements for passenger cars and commercial vehicles.In a statement, FairTrade said the abolition of the minimum investment requirement could slow down the investments in the completely knocked down (CKD) sector or the automotive parts manufacturing industry. EO 877 did not retain the investment requirements, which were provided for under the old MVDP or EO 156.Article 1 Sec 3 of E.O. 156 requires investors to invest $ 10 million for passenger cars and $8 million for commercial vehicles.These provisions were included in EO 156 precisely to entice investment in CKD operation and therefore create more jobs and value-adding activity in the country.
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