EUROPEAN crane maker Cargotec, which partnered with local automotive body builder Centro Manufacturing, expects brisk business in the Philippines, with developments in mining, construction, infrastructure and agriculture expected to kick up its sales.
"We have seen the positive economic indicators and we have reason to be optimistic that the Philippines is going to outpace its Asian neighbors in terms of economic growth in the next few years," Jan Vink, Cargotec Business Support manager for the Asia-Pacific region, said in a statement.
Vink said at the rate that the economy is expanding, various industries in the country will be in need of industrial and truck-mounted cranes, tail lifts, hooklifts and even garbage compactors to sustain their growth.
Cargotec, which manufactures Europe's leading crane brand Hiab, entered the market through Centro.
Vink said industries, such as mining, construction, infrastructure and agriculture, will drive the country's sustained economic growth.
"Factor-in increased government spending in infrastructure and an economy growing at a brisk 6.4 percent in the first quarter alone, these are reasons enough for us to invest on developing the Hiab brand aggressively in the Philippines with Centro as our business partner," he said.
Raphael T. Juan, Centro president, said a lot of positive macroeconomic indicators and policy changes, including the issuance of an executive order that clarified mining issues, will lead to increased economic activities in the industries that Centro and Cargotec are serving.
"The government has committed to continue with its heavy investments in infrastructure, driving a 6.6-percent growth in the construction industry. The road map for the Philippine auto industry will soon be issued. The commodities that flowed through the Philippine transport system increased by 4.7 percent last quarter. All these are positive indicators that Cargotec has seen before deciding to enter the Philippine market," he said.
Business Mirror
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