DTI sees continued cost pressures on auto industry

THE Department of Trade and Industry sees cost pressures and weaker consumer demand making a negative impact on the growth of the local automotive industry.DTI Export Marketing Bureau Director Bianca Pearl Sykimte said that cost pressures are expected to persist due to rising labor, investment, and research and development costs associated with the production of electric vehicles .

'From what we have seen, the auto parts industry is very important with regards to our modernization program. In line with the rise of quality, sustainable vehicles, so too will the need for quality parts,' Ortega said.'For these opportunities, I think this is a good start for the DOTr and the Department of Trade and Industry to work together to further help our transportation sector,' he added.

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