Chinese car maker’s RP venture thanked

Duterte says trust will not be in vain

President Rodrigo Duterte on Wednesday expressed gratitude to Guangzhou Automobile Corp. (GAC), a Chinese automobile maker, for investing in the Philippines.

“It is indeed an honor to welcome GAC Motor to the Philippines. On behalf of the Filipino people, I’d like to thank you for your confidence in investing and expanding your business here in this country,” Duterte said during the unveiling of GAC flagship vehicle in Pasig City.

“Rest assured that your trust will never be put in vain,” he added.

Duterte said the Philippine automative market is among the fastest growing in Southeast Asia with annual growth rate of 22 percent in the last five years.

“Our outlook for the automotive industry in the long term remains bullish as we expect continuing motorization that will be driven by our robust economic growth. Indeed, recent studies estimate that the local motor vehicle demand could reach one million units in 2028,” he said.

He said the entry of GAC Motor in the country’s market would provide consumers with more choices.

“Let me assure you that this government is doing its best to ensure a level-playing field for investors. We will continue to provide both foreign and local investors like the GAC Motor and Legado Motors with assistance they need so that their ventures may prosper and flourish,” he added.

Duterte said he recently signed Ease of Doing Business law to simplify government services and transactions and to support his relentless fight against corruption.

“With this law, we expect to attract more investments and encourage stakeholders to actively contribute in strengthening and cultivation of our industries,” Duterte said.

He said part of his government efforts in creating a business-friendly environment is his ongoing campaign to eradicate criminality, illegal drugs and corruption. (PNA)