Dr. Michael Ganal, member of the board of management of BMW AG, said "we see in the Philippines excellent long-term growth opportunities for our business." He cited the Philippines’ high standard of education and training, its fair and openly organized economy and democratic political system.
He said those same factors make it easier for the BMW Group "to clearly express our commitment to this country and to the quality and potential of the economy in the Philippines with the establishment of our subsidiary here."
As proof of its long-term commitment, the BMW Group established its local subsidiary, BMW Philippines Corp.
In a meeting with President Arroyo yesterday, Ganal affirmed BMW’s long-term plans for the Philippines.
Mark Gilbert, president of BMW Philippines, reported that based on September figures issued by the Chamber of Automotive Manufacturers of the Philippines (CAMPI), BMW has attained a market share of more than 52 percent in the luxury market segment.
Gilbert said the increase in BMW’s sales locally was achieved at a time when overall sales for the passenger car market contracted by about 23 percent over the same period last year.
Sales in the luxury segment itself, Gilbert said, are down by approximately 18 percent from year-ago levels.