MANILA, Philippines (Xinhua) - The Philippines is trying to develop aerospace industry as forecast of 7 to 8 percent growth of the industry will come from the ASEAN region within the next 15 years, the Trade Department said today.
"We want to be part of that projection. We do not want to be left behind. Countries like Thailand and Malaysia already had a head start already and we want part of that action," Trade Secretary Ponciano Manalo said.
He said that the country's entry point will be in the area of maintenance, repair and operation (MRO) with the existing presence of Lufthansa Technik, Singapore Airlines and Philippine Airlines.
"We believe we have the space, we have the people and the skills to do this. And this is an area of aerospace development including but not limited to MRO since we already have Lufthansa Technik, Singapore airlines and even Philippine Airlines also has its own facilities," he said adding that the mature markets of Western Europe and the US are saturated.
He noted that growth in these markets will be flat if not slightly declining.
"We expect this industry to have great multiplier effect. It will create jobs and the economic benefits will complement the country's growth," he said.