THE Philippine aerospace industry is poised to achieve export revenues of $2.57 billion (P134.63 billion) by 2022 and recognition as a partner in aircraft maintenance, repair, and overhaul (MRO) operations, and aerospace parts manufacturing in the Asia-Pacific, the Board of Investments (BOI) said on Wednesday.
In a statement, BOI noted that aerospace exports had increased in recent years, adding that the industry had a compounded annual growth rate of 42 percent between 2012 and 2016.
Europe and the Americas were the biggest export destinations, with a 45.8-percent and 40.8-percent share, respectively, in 2016, it said. Asia-Pacific’s share was only 12.8 percent.
Exports of aerospace parts include OEM (original equipment manufacturing) parts, such as flight-control actuation systems, interiors, galleys and equipment, panels, and lavatories.
The statement came at the conclusion of the Aeromart Summit Clark Philippines Exhibition in Pampanga province on Wednesday. During the two-day event, international clients and buyers expressed interest to do business with local companies.
It aimed to maximize investment and outsourcing opportunities in the country, and served to expand the reach of local aerospace industry players with global clients through business-to-business meetings.
“Philippine aerospace and aviation companies are ready to absorb the robust global demand for aircraft MRO operations, and aerospace parts manufacturing,” Nora Terrado, Trade undersecretary for the trade and investments promotion group and BOI governor, said at the exhibition.
“As the exhibition was a great opportunity for the local companies to meet, know, and show each other’s capabilities with their global counterparts and discuss where they can converge and be partners, we expect these positive developments [to turn]into sealed business deals and subsequently, translate to more export earnings for the country,” she added.
“The growth of the aerospace industry will mean more export earnings for the country and more quality jobs for Filipinos,” the Trade official said.