The Public Utility Vehicle (PUV) Modernization Program offers a “substantial” economic benefit as it is seen to generate over 3,000 jobs in the manufacturing industry, according to the Automotive Body Manufacturers Association of the Philippines (ABMAP).
“The PUV Modernization Program is a game-changer for our sector. It not only addresses the transportation needs of our citizens but also fuels economic growth by creating more than 3,000 jobs and increasing added value contribution to the manufacturing sector,” Von Carlo Deveza, spokesperson for ABMAP said in a statement on Saturday.
ABMAP said the manufacture of PUV bodies requires “skilled labor” and the use of advanced technologies, contributing to the development of a “more robust” and competitive manufacturing sector in the Philippines.
With the demand for modern PUVs on the rise, the group of truck body manufacturers said local manufacturers are seeing increased production.
ABMAP said the job creation resulting from program is not limited to factory workers alone. It also involves various aspects of the supply chain, such as research and development, logistics, and quality control, which it said signifies further boosting the nation’s manufacturing ecosystem.
On top of the projected jobs that will be generated, ABMAP said the growth of the manufacturing sector is expected to have a “multiplier” effect on the Philippine economy, as it “stimulates local consumption and promotes the development of small and medium-sized enterprises [SMEs] involved in various aspects of the PUV production process.”
“As the PUV Modernization Program continues to unfold, it is clear that it is not only a transportation revolution but also a catalyst for economic progress,” ABMAP said.
“With the combined efforts of the government, industry stakeholders, and the hardworking people of the Philippines, the program is well on its way to reshaping the nation’s transportation landscape while fostering job creation and economic prosperity,” it added.
The PUV Modernization Program, initiated by the Philippine government, is a comprehensive plan aimed at enhancing public transportation across the country. It focuses on upgrading public utility vehicles to meet higher standards of safety, efficiency, and environmental friendliness, providing commuters with a more reliable and comfortable transportation experience.
One of the key components of this program is the production of modern PUV bodies, which are essential for the transformation of the country’s public transportation system, ABMAP said.
Over 1,000 jobs are expected to be generated from the additional investments secured by President Ferdinand R. Marcos Jr. during his trip in Singapore.
The Presidential Communications Office (PCO) announced over the weekend that Singapore-based technology firm Dyson Ltd. has committed to an P11-billion expansion plan in the Philippines, which is expected to create 1,250 jobs.
“So we have announced a significant investment equivalent of P11-billion into the new factory, the new R&D [research and development] center…and we want to expand also in terms of staff, software, and others that we require over the next two years,” Dyson’s CEO Ronald Krueger told the President during their meeting last Saturday in Singapore.
Currently, Dyson is operating a local factory, which manufactures electric motors.
It is now eyeing to move more contract manufacturing into the country later this year.
Marcos welcomed the expansion plan since it will translate into more employment opportunities for software engineers and other engineering graduates.
Malaysian retail specialist Valiram Group is also set to expand its local operations by “developing airport outlets for duty-free retail tourism.” Valiram Executive Director Mukesh Valiram to help boost the local presence of its partner brands such as Victoria’s Secret as well as Bath and Body Works through the said initiative.
“We now have a net worth of over 500 stores. And some brands are not yet represented in the Philippines and so we’ve been working hard and with everyone’s support and guidance, we’re looking forward to expanding very quickly,” Valiram told the President in a separate meeting.
The President ended his five-day working visit in Singapore last Sunday. During the trip, he participated in the 10th Asian Conference of Milken Institute and watched the Formula 1 Singapore Grand Prix 2023 upon the invitation of Singaporean Prime Minister Lee Hsien Loong.
Among those who accompanied him in the trip were House Speaker Ferdinand Martin G. Romualdez, PCO Secretary Cheloy Velicaria-Garafil; Finance Secretary Benjamin E. Diokno, Trade and Industry Secretary Alfredo E. Pascual and Ambassador Medardo Antonio G. Macaraig.