MVP BMW investment in the Philippines
The Philippine auto industry is set to continue its blistering growth, with sales forecast to rise 25 to 30 percent in 2016 from the previous year. With that, business groups are finding the sector an attractive investment. Toyota Motor Philippines, part of George Ty’s Metrobank group, and Mitsubishi Motor Philippines have signified their interest in the government’s Comprehensive Automotive Resurgence Strategy (CARS) assembly program. Ayala Automotive Group re-introduced the Volkswagen brand into the market and will be assembling and marketing KTM high-end performance motorcycles.
CARS provides financial incentives of up to P9 billion for three participants who will each enroll a car model for local assembly. Each model must attain an output of 200,000 units over a six-year period. Toyota’s Vios and Mitsubishi’s Mirage are the first two units to join the program.
Businessman Manny V. Pangilinan may be getting into the driver’s seat in auto-related ventures. BMW Alabang is now known as MVP BMW Alabang. MVP officially stands for Motor Ventures Philippines. The dealership’s company profile shows that it is headed by individuals who have worked with Pangilinan.
An investment by Pangilinan may signify part of a bigger play into the auto industry, possibly in partnership with the group of Jose “Pepito” Alvarez. Alvarez holds the BMW distributorship for the Philippines, and his group has assembled several brands of vehicles. Alvarez’s companies also distribute the Kia, Peugeot and Mahindra vehicles. With that third slot of the CARS program still available, it could be an interesting development.