June 25, 2017, 11:32 pm
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1 Philippine Peso = 0.07443 UAE Dirham
1 Philippine Peso = 2.4017 Albanian Lek
1 Philippine Peso = 0.03628 Neth Antilles Guilder
1 Philippine Peso = 0.32436 Argentine Peso
1 Philippine Peso = 0.02723 Australian Dollar
1 Philippine Peso = 0.03626 Aruba Florin
1 Philippine Peso = 0.04054 Barbados Dollar
1 Philippine Peso = 1.63579 Bangladesh Taka
1 Philippine Peso = 0.03534 Bulgarian Lev
1 Philippine Peso = 0.00763 Bahraini Dinar
1 Philippine Peso = 34.60377 Burundi Franc
1 Philippine Peso = 0.02027 Bermuda Dollar
1 Philippine Peso = 0.02797 Brunei Dollar
1 Philippine Peso = 0.13904 Bolivian Boliviano
1 Philippine Peso = 0.06579 Brazilian Real
1 Philippine Peso = 0.02027 Bahamian Dollar
1 Philippine Peso = 1.30624 Bhutan Ngultrum
1 Philippine Peso = 0.20692 Botswana Pula
1 Philippine Peso = 405.75598 Belarus Ruble
1 Philippine Peso = 0.04049 Belize Dollar
1 Philippine Peso = 0.02733 Canadian Dollar
1 Philippine Peso = 0.01952 Swiss Franc
1 Philippine Peso = 13.57175 Chilean Peso
1 Philippine Peso = 0.13799 Chinese Yuan
1 Philippine Peso = 58.59343 Colombian Peso
1 Philippine Peso = 11.43535 Costa Rica Colon
1 Philippine Peso = 0.02027 Cuban Peso
1 Philippine Peso = 1.98075 Cape Verde Escudo
1 Philippine Peso = 0.47231 Czech Koruna
1 Philippine Peso = 3.59951 Djibouti Franc
1 Philippine Peso = 0.13357 Danish Krone
1 Philippine Peso = 0.95278 Dominican Peso
1 Philippine Peso = 2.19181 Algerian Dinar
1 Philippine Peso = 0.28109 Estonian Kroon
1 Philippine Peso = 0.36583 Egyptian Pound
1 Philippine Peso = 0.46433 Ethiopian Birr
1 Philippine Peso = 0.01797 Euro
1 Philippine Peso = 0.04244 Fiji Dollar
1 Philippine Peso = 0.01573 Falkland Islands Pound
1 Philippine Peso = 0.01572 British Pound
1 Philippine Peso = 0.08685 Ghanaian Cedi
1 Philippine Peso = 0.91021 Gambian Dalasi
1 Philippine Peso = 182.75233 Guinea Franc
1 Philippine Peso = 0.1491 Guatemala Quetzal
1 Philippine Peso = 4.14512 Guyana Dollar
1 Philippine Peso = 0.15784 Hong Kong Dollar
1 Philippine Peso = 0.47422 Honduras Lempira
1 Philippine Peso = 0.13229 Croatian Kuna
1 Philippine Peso = 1.24625 Haiti Gourde
1 Philippine Peso = 5.54195 Hungarian Forint
1 Philippine Peso = 269.57844 Indonesian Rupiah
1 Philippine Peso = 0.07211 Israeli Shekel
1 Philippine Peso = 1.30521 Indian Rupee
1 Philippine Peso = 23.93595 Iraqi Dinar
1 Philippine Peso = 657.62059 Iran Rial
1 Philippine Peso = 1.9771 Iceland Krona
1 Philippine Peso = 2.6139 Jamaican Dollar
1 Philippine Peso = 0.01433 Jordanian Dinar
1 Philippine Peso = 2.23666 Japanese Yen
1 Philippine Peso = 2.0906 Kenyan Shilling
1 Philippine Peso = 1.38113 Kyrgyzstan Som
1 Philippine Peso = 81.57681 Cambodia Riel
1 Philippine Peso = 9.12404 Comoros Franc
1 Philippine Peso = 18.24078 North Korean Won
1 Philippine Peso = 22.6366 Korean Won
1 Philippine Peso = 0.00614 Kuwaiti Dinar
1 Philippine Peso = 0.01662 Cayman Islands Dollar
1 Philippine Peso = 6.364 Kazakhstan Tenge
1 Philippine Peso = 166.08836 Lao Kip
1 Philippine Peso = 30.51277 Lebanese Pound
1 Philippine Peso = 3.08877 Sri Lanka Rupee
1 Philippine Peso = 1.84435 Liberian Dollar
1 Philippine Peso = 0.25922 Lesotho Loti
1 Philippine Peso = 0.06179 Lithuanian Lita
1 Philippine Peso = 0.01258 Latvian Lat
1 Philippine Peso = 0.02821 Libyan Dinar
1 Philippine Peso = 0.19642 Moroccan Dirham
1 Philippine Peso = 0.36735 Moldovan Leu
1 Philippine Peso = 1.09972 Macedonian Denar
1 Philippine Peso = 27.52331 Myanmar Kyat
1 Philippine Peso = 48.27726 Mongolian Tugrik
1 Philippine Peso = 0.16258 Macau Pataca
1 Philippine Peso = 7.25578 Mauritania Ougulya
1 Philippine Peso = 0.70024 Mauritius Rupee
1 Philippine Peso = 0.31394 Maldives Rufiyaa
1 Philippine Peso = 14.54094 Malawi Kwacha
1 Philippine Peso = 0.37863 Mexican Peso
1 Philippine Peso = 0.08672 Malaysian Ringgit
1 Philippine Peso = 0.2604 Namibian Dollar
1 Philippine Peso = 6.52615 Nigerian Naira
1 Philippine Peso = 0.59972 Nicaragua Cordoba
1 Philippine Peso = 0.17055 Norwegian Krone
1 Philippine Peso = 2.08654 Nepalese Rupee
1 Philippine Peso = 0.02835 New Zealand Dollar
1 Philippine Peso = 0.00779 Omani Rial
1 Philippine Peso = 0.02027 Panama Balboa
1 Philippine Peso = 0.06622 Peruvian Nuevo Sol
1 Philippine Peso = 0.06654 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.11897 Pakistani Rupee
1 Philippine Peso = 0.0753 Polish Zloty
1 Philippine Peso = 112.82935 Paraguayan Guarani
1 Philippine Peso = 0.0738 Qatar Rial
1 Philippine Peso = 0.08196 Romanian New Leu
1 Philippine Peso = 1.14766 Russian Rouble
1 Philippine Peso = 16.61897 Rwanda Franc
1 Philippine Peso = 0.076 Saudi Arabian Riyal
1 Philippine Peso = 0.16004 Solomon Islands Dollar
1 Philippine Peso = 0.26836 Seychelles Rupee
1 Philippine Peso = 0.13498 Sudanese Pound
1 Philippine Peso = 0.17451 Swedish Krona
1 Philippine Peso = 0.02797 Singapore Dollar
1 Philippine Peso = 0.01573 St Helena Pound
1 Philippine Peso = 0.45006 Slovak Koruna
1 Philippine Peso = 152.00649 Sierra Leone Leone
1 Philippine Peso = 11.08634 Somali Shilling
1 Philippine Peso = 435.85326 Sao Tome Dobra
1 Philippine Peso = 0.17678 El Salvador Colon
1 Philippine Peso = 10.43737 Syrian Pound
1 Philippine Peso = 0.26014 Swaziland Lilageni
1 Philippine Peso = 0.6897 Thai Baht
1 Philippine Peso = 0.04917 Tunisian Dinar
1 Philippine Peso = 0.04647 Tongan paʻanga
1 Philippine Peso = 0.0711 Turkish Lira
1 Philippine Peso = 0.13537 Trinidad Tobago Dollar
1 Philippine Peso = 0.61011 Taiwan Dollar
1 Philippine Peso = 45.17633 Tanzanian Shilling
1 Philippine Peso = 0.53223 Ukraine Hryvnia
1 Philippine Peso = 72.78071 Ugandan Shilling
1 Philippine Peso = 0.02027 United States Dollar
1 Philippine Peso = 0.57377 Uruguayan New Peso
1 Philippine Peso = 77.82732 Uzbekistan Sum
1 Philippine Peso = 0.20216 Venezuelan Bolivar
1 Philippine Peso = 459.54601 Vietnam Dong
1 Philippine Peso = 2.18241 Vanuatu Vatu
1 Philippine Peso = 0.05201 Samoa Tala
1 Philippine Peso = 11.77483 CFA Franc (BEAC)
1 Philippine Peso = 0.05472 East Caribbean Dollar
1 Philippine Peso = 11.82205 CFA Franc (BCEAO)
1 Philippine Peso = 2.13174 Pacific Franc
1 Philippine Peso = 5.06546 Yemen Riyal
1 Philippine Peso = 0.25921 South African Rand
1 Philippine Peso = 105.17835 Zambian Kwacha
1 Philippine Peso = 7.33482 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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