Lee: Car smuggling reduced to 30%
11/04/2009 2:58 AM
In this second gap of the interview with ANC's Business Nightly, Elizabeth Lee, president of the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI), shared that at the height of car smuggling in the country, the ratio of vehicle sales in the country is 60-40, in favor of illegally imported used vehicles. Currently, the ratio has improved to 70-30, in favor of vehicles bought from the formal market.
In the first gap, Lee noted that the Supreme Court recently upheld the Motor Vehicle Development Plan (MVDP) that banned the importation of second-hand vehicles. The decision is a boost not only to the local auto industry, but also to the entire economy, which will benefit in terms of additional investments and more employment potential.
The MVDP is the local industry's roadmap. CAMPI members are going over it for proposed revisions.
