March 28, 2017, 11:48 pm
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1 Philippine Peso = 0.07331 UAE Dirham
1 Philippine Peso = 2.47155 Albanian Lek
1 Philippine Peso = 0.03534 Neth Antilles Guilder
1 Philippine Peso = 0.31132 Argentine Peso
1 Philippine Peso = 0.02618 Australian Dollar
1 Philippine Peso = 0.03575 Aruba Florin
1 Philippine Peso = 0.03993 Barbados Dollar
1 Philippine Peso = 1.60092 Bangladesh Taka
1 Philippine Peso = 0.03586 Bulgarian Lev
1 Philippine Peso = 0.00753 Bahraini Dinar
1 Philippine Peso = 33.91895 Burundi Franc
1 Philippine Peso = 0.01996 Bermuda Dollar
1 Philippine Peso = 0.0278 Brunei Dollar
1 Philippine Peso = 0.13715 Bolivian Boliviano
1 Philippine Peso = 0.06246 Brazilian Real
1 Philippine Peso = 0.01996 Bahamian Dollar
1 Philippine Peso = 1.30515 Bhutan Ngultrum
1 Philippine Peso = 0.20135 Botswana Pula
1 Philippine Peso = 399.68057 Belarus Ruble
1 Philippine Peso = 0.03988 Belize Dollar
1 Philippine Peso = 0.02669 Canadian Dollar
1 Philippine Peso = 0.01966 Swiss Franc
1 Philippine Peso = 13.25953 Chilean Peso
1 Philippine Peso = 0.13713 Chinese Yuan
1 Philippine Peso = 58.11339 Colombian Peso
1 Philippine Peso = 10.94729 Costa Rica Colon
1 Philippine Peso = 0.01996 Cuban Peso
1 Philippine Peso = 2.02635 Cape Verde Escudo
1 Philippine Peso = 0.49646 Czech Koruna
1 Philippine Peso = 3.53643 Djibouti Franc
1 Philippine Peso = 0.13669 Danish Krone
1 Philippine Peso = 0.9443 Dominican Peso
1 Philippine Peso = 2.17654 Algerian Dinar
1 Philippine Peso = 0.28741 Estonian Kroon
1 Philippine Peso = 0.35935 Egyptian Pound
1 Philippine Peso = 0.45338 Ethiopian Birr
1 Philippine Peso = 0.01837 Euro
1 Philippine Peso = 0.04141 Fiji Dollar
1 Philippine Peso = 0.01585 Falkland Islands Pound
1 Philippine Peso = 0.01589 British Pound
1 Philippine Peso = 0.08644 Ghanaian Cedi
1 Philippine Peso = 0.87263 Gambian Dalasi
1 Philippine Peso = 185.36634 Guinea Franc
1 Philippine Peso = 0.14655 Guatemala Quetzal
1 Philippine Peso = 4.10222 Guyana Dollar
1 Philippine Peso = 0.15507 Hong Kong Dollar
1 Philippine Peso = 0.46756 Honduras Lempira
1 Philippine Peso = 0.13591 Croatian Kuna
1 Philippine Peso = 1.35316 Haiti Gourde
1 Philippine Peso = 5.67678 Hungarian Forint
1 Philippine Peso = 265.52206 Indonesian Rupiah
1 Philippine Peso = 0.07197 Israeli Shekel
1 Philippine Peso = 1.29726 Indian Rupee
1 Philippine Peso = 23.5576 Iraqi Dinar
1 Philippine Peso = 647.3348 Iran Rial
1 Philippine Peso = 2.18607 Iceland Krona
1 Philippine Peso = 2.56259 Jamaican Dollar
1 Philippine Peso = 0.01415 Jordanian Dinar
1 Philippine Peso = 2.20817 Japanese Yen
1 Philippine Peso = 2.04931 Kenyan Shilling
1 Philippine Peso = 1.37303 Kyrgyzstan Som
1 Philippine Peso = 79.08964 Cambodia Riel
1 Philippine Peso = 9.03374 Comoros Franc
1 Philippine Peso = 17.96766 North Korean Won
1 Philippine Peso = 22.12218 Korean Won
1 Philippine Peso = 0.00607 Kuwaiti Dinar
1 Philippine Peso = 0.01637 Cayman Islands Dollar
1 Philippine Peso = 6.29786 Kazakhstan Tenge
1 Philippine Peso = 163.48573 Lao Kip
1 Philippine Peso = 30.14574 Lebanese Pound
1 Philippine Peso = 3.02855 Sri Lanka Rupee
1 Philippine Peso = 1.79677 Liberian Dollar
1 Philippine Peso = 0.25494 Lesotho Loti
1 Philippine Peso = 0.06086 Lithuanian Lita
1 Philippine Peso = 0.01239 Latvian Lat
1 Philippine Peso = 0.02815 Libyan Dinar
1 Philippine Peso = 0.19822 Moroccan Dirham
1 Philippine Peso = 0.3868 Moldovan Leu
1 Philippine Peso = 1.12338 Macedonian Denar
1 Philippine Peso = 27.27091 Myanmar Kyat
1 Philippine Peso = 48.87203 Mongolian Tugrik
1 Philippine Peso = 0.15971 Macau Pataca
1 Philippine Peso = 7.12717 Mauritania Ougulya
1 Philippine Peso = 0.70293 Mauritius Rupee
1 Philippine Peso = 0.30705 Maldives Rufiyaa
1 Philippine Peso = 14.19445 Malawi Kwacha
1 Philippine Peso = 0.37646 Mexican Peso
1 Philippine Peso = 0.0879 Malaysian Ringgit
1 Philippine Peso = 0.2547 Namibian Dollar
1 Philippine Peso = 6.28868 Nigerian Naira
1 Philippine Peso = 0.58595 Nicaragua Cordoba
1 Philippine Peso = 0.16921 Norwegian Krone
1 Philippine Peso = 2.08325 Nepalese Rupee
1 Philippine Peso = 0.02832 New Zealand Dollar
1 Philippine Peso = 0.00768 Omani Rial
1 Philippine Peso = 0.01996 Panama Balboa
1 Philippine Peso = 0.06481 Peruvian Nuevo Sol
1 Philippine Peso = 0.06558 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.09024 Pakistani Rupee
1 Philippine Peso = 0.078 Polish Zloty
1 Philippine Peso = 112.66121 Paraguayan Guarani
1 Philippine Peso = 0.07267 Qatar Rial
1 Philippine Peso = 0.08354 Romanian New Leu
1 Philippine Peso = 1.13647 Russian Rouble
1 Philippine Peso = 16.31603 Rwanda Franc
1 Philippine Peso = 0.07486 Saudi Arabian Riyal
1 Philippine Peso = 0.15525 Solomon Islands Dollar
1 Philippine Peso = 0.26353 Seychelles Rupee
1 Philippine Peso = 0.13296 Sudanese Pound
1 Philippine Peso = 0.1752 Swedish Krona
1 Philippine Peso = 0.02781 Singapore Dollar
1 Philippine Peso = 0.01585 St Helena Pound
1 Philippine Peso = 0.44332 Slovak Koruna
1 Philippine Peso = 149.43102 Sierra Leone Leone
1 Philippine Peso = 10.96027 Somali Shilling
1 Philippine Peso = 450.2196 Sao Tome Dobra
1 Philippine Peso = 0.17413 El Salvador Colon
1 Philippine Peso = 10.28109 Syrian Pound
1 Philippine Peso = 0.25482 Swaziland Lilageni
1 Philippine Peso = 0.68597 Thai Baht
1 Philippine Peso = 0.04577 Tunisian Dinar
1 Philippine Peso = 0.046 Tongan paʻanga
1 Philippine Peso = 0.07215 Turkish Lira
1 Philippine Peso = 0.13393 Trinidad Tobago Dollar
1 Philippine Peso = 0.60168 Taiwan Dollar
1 Philippine Peso = 44.44001 Tanzanian Shilling
1 Philippine Peso = 0.54103 Ukraine Hryvnia
1 Philippine Peso = 71.81074 Ugandan Shilling
1 Philippine Peso = 0.01996 United States Dollar
1 Philippine Peso = 0.55999 Uruguayan New Peso
1 Philippine Peso = 71.67099 Uzbekistan Sum
1 Philippine Peso = 0.19904 Venezuelan Bolivar
1 Philippine Peso = 454.62168 Vietnam Dong
1 Philippine Peso = 2.12378 Vanuatu Vatu
1 Philippine Peso = 0.05122 Samoa Tala
1 Philippine Peso = 12.04033 CFA Franc (BEAC)
1 Philippine Peso = 0.0539 East Caribbean Dollar
1 Philippine Peso = 12.12298 CFA Franc (BCEAO)
1 Philippine Peso = 2.18127 Pacific Franc
1 Philippine Peso = 4.98902 Yemen Riyal
1 Philippine Peso = 0.25486 South African Rand
1 Philippine Peso = 103.60351 Zambian Kwacha
1 Philippine Peso = 7.225 Zimbabwe dollar

2017 VEHICLE FORECAST: More taxes, less vehicle sales, but traffic the same

Vehicles and still more vehicles.

In 2017, the Philippine automotive industry will feed around 500,000 cars  into the already crowded metropolises of the country, with the National Capital Region receiving anywhere from 78 to 82 percent of the new car sales. This figure extrapolates from the combined end-of-year sales estimates of both the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Association of Vehicle Importers and Distributors (AVID).

On one hand, CAMPI’s president Rommel Gutierrez said during the 2016 Philippine International Motor Show, that his organization would reach the targeted 370,000 units sales by end of 2016. Final sales reports show the number may actually be exceeded due to aggressive 4th quarter performance.

AVID, on the other hand has already practically delivered on its sales target registering a 103 percent sales increase from its members. By the 3rd quarter of the year the organization reported a 27% growth from the previous quarter with a total of 68,746 vehicles sold. Industry experts are confident the group can exceed the fourth quarter and thus the total annual sales because of the massive financing deals from led by Ford, Suzuki and Hyundai. 

It is thus safe to say that if the sales trend continued at the same momentum as it did towards the end of the 3rd quarter, total industry sales combined, would mean about 450,000 new cars, SUV and commercial vehicles crowding into the already tight city streets, oftentimes with no garages to properly park in.

Combine that number with the expected over 1 million motorcycle sales the top 5 brands comprising the Motorcycle Development Program Participants Association (MDPPA)—Honda Philippines Inc., Kawasaki Motors Philippines Inc., Yamaha Motor Philippines Inc., Suzuki Philippines Inc., and Kymco Philippines Inc. expect to achieve this year. In 2015, the MDPPA already sold 850,509 and an estimated 27 percent growth means 1,080,146 sales for 2016.

And the industry is growing and the major players are shifting the playing field. 

The Comprehensive Automotive Resurgence Strategy (CARS) program launched towards the end of the Aquino Government is seen by many industry experts as a step that will only boost the competitiveness of the country’s automotive industry by increasing local production volumes.

The updated CARS program now has Toyota Motor Philippines, Inc. (TMPI) joining Mitsubishi Motors Philippines Corporation’s (MMPC) in assembling specific vehicles that will benefit from some P27 billion worth of fiscal and non-fiscal support to both automakers and parts suppliers. 

CARS requires companies who join to produce a total of 200,000 units of a particular vehicle model over a period of six years. Factor in the production volumes by all possible carmakers who apply for the program will mean passenger car production numbers to average 16 to 20 percent over the next five years.

Hyundai Automotive Resources Inc. (HARI) already submitted an application to the Board of Investments (BOI) for a completely knockdown (CKD) kit assembly under the new rules of the Korea and ASEAN Free Trade Agreement (Korea+AFTA) to exported auto components from various sources, including Korea. Sources from HARI have not confirmed the finalization of this assembly but it has already started the prototyping of its vehicle assembly at its Star Motors Manufacturing Corp. plant in Sta. Rosa, Laguna.

Malaya Business Insight saw delivery of the popular Eon CKD on the assembly area of Star Motors is owned by Universal Motors Group of which HARI is also part of.  The plant used to assemble Nissan pick-ups and diesel SUVs. 

Insiders at Star Motors have said a totally new line is being installed and the plant has been retooled to put together a yet-to-be confirmed line of Hyundai models beginning with the 800 cc. Eon.

Hyundai Motor, in wire report confirmed HARI’s plan to install a line capable of assembling in between 5,000 and 6,000 vehicle units annually. Experienced engineers from Star Motors will run the assembly that will eventually hit annual production of 40,000 units. It is unclear with HARI will apply for the benefits available in the CARS program. However, if it does increase its production to the 40,000 unit target it can meet the 200,000 volume requirement.

Industry research experts BMI predict that passenger car sales in the will grow an average 24 percent annually throughout the 2017-2020 period. It also expects the local passenger car market to outperform other ASEAN countries over the same period.

Consumer led growth in the Philippines will be supported by subdued inflationary pressures, and attractive borrowing rates and the research firm’s Country Risk team expects inflation to remain within the Central Bank’s 2 to 4 percent target range through to 2020. This boost to consumer spending power also converts to more car sales, with access to cheap credit, with steady interest rates at an average 3 percent over the 2017-2020 period.

But here is where the congestion stops the growth.

Proposals by the Duterte administration to reform the taxes on vehicles will lead to slower car sales after any tax change is made. Carmakers see the proposed auto tax reforms as a downside risk to vehicle sales due to the significant increase in retail prices.

The increased taxes will create an artificial sale increase before any announcement of implementing rules and regulations and car dealers are already making sales preparations and promotions with banks and financing institutions to rush into aggressive sales programs to avert the expected sales slow down. 

This imposition of new excise taxes on brand new vehicle purchases is aimed at raising revenues and to manage vehicle volume on major roads. But the tax would raise costs of up to P400,000 to P600,000.

The Board of Investments (BOI) expects the negative impact on the growth of the country’s booming automotive industry and is studying measures on how to create the necessary balance between the meeting the government’s tax objectives and the progress delivered by automakers.

Deputy Speaker Raneo Abu of Batangas’ “Proof of Parking Space Act” is also expected to impact on vehicle sales because of the cost of building a garage for both new and currently owned vehicles. Though the proposal was made to drastically reduce the number of vehicles on the road, the garage law also wants to free roads of obstructions that only cause traffic gridlock. The law is applicable only in Metro Manila, Cebu, Davao and other highly urbanized cities.
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