German electronics firm bets on auto parts demand to drive business in PH

ABS-CBN News

Posted at Jun 07 2018 08:55 PM

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MANILA - German electronics manufacturer Continental Temic Electronics Philippines on Thursday said its prospect for growth is high despite global tariff woes and the eventual enforcement of the second tranche of the tax reform program.

Speaking to ANC, Continental Temic General Manager Glenn Everett said the company is betting its growth on the demand for parts of autonomous vehicles.

"We’re making radar products, camera systems, breaking systems to avoid accidents. These products are being sold all over the world, so yes our prospect for growth [is] quite high," Everett said. 

He said the company's expected double-digit growth will result in the creation of more jobs. The firm operates 2 manufacturing sites and a call center in the Philippines, employing 3,000 people.

When asked about the potential effect of rationalizing incentives under package 2 of the Tax Reform for Acceleration and Inclusion (TRAIN) law, Everett said the Philippine Economic Zone Authority (PEZA) has been instrumental in creating an environment "conducive" to businesses."

"We would like to see this continue… To find a solution that supports overall socio-economic development in the country," he said.