Coming off from its successful run in the 50th Asean summit, Hyundai Asia Resources, Inc. is aspiring for greater heights in 2018, showing continuous confidence in the potential of the Philippine economy.
Recognizing the remarkable contribution of manufacturing to third quarter GDP growth in 2017—up by 9.4 percent year-on-year to outpace services—Hyundai welcomes this structural shift for the Philippines going into 2018.
“Indeed, we live in volatile and complex times. On a positive note, we must also recognize 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,” said HARI President and CEO Ma. Fe Perez-Agudo.
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 Center (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 EON and H350, its locally assembled vehicles. EON sales reached 5,903 vehicles as of November 2017, capturing first-time car buyers or millennials – the 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. While our participation in the ASEAN summit strengthened our presence in the economic community; more importantly, it showed our resolve to support the national agenda – to gain new ground and increase our overall competitiveness in the region,” the HARI chief said.
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.