BOI organizing global aerospace event

The Board of Investments (BOI) is mulling organizing an international aerospace event to fuel the growth of the local industry which aims to increase export revenues to $1.5 billion in the next 10 years.

It is also looking at participating in international exhibitions and events.

Trade Undersecretary and BOI managing head Ceferino Rodolfo said international exhibitions and events provide the country an opportunity to create traction in a bid to be the aerospace manufacturing hub for Southeast Asia.

“The growth of the aerospace and aviation industry will mean more export earnings for the country and more quality jobs for Filipinos, particularly for the country’s graduates of engineering and aviation-related courses,” Rodolfo said.

Rodolfo said the joint implementation of the aerospace industry roadmap by the government and the private sector would also develop the country’s capabilities in the key segments of aerospace, namely parts manufacturing, maintenance, repair and overhaul, and aviation trainings.

Through the BOI’s assistance, local industry players were able to showcase what they have during the Aeromart Exhibition held in Toulouse, France.

Aéromart Toulouse is an international aerospace business convention where representatives from the industry gather to network and promote new and emerging opportunities in the aerospace supply chains and production networks.

During the event, the Philippine delegation conducted business meetings with various players of the global industry. The BOI likewise presented the opportunities and strengths of the Philippine aerospace industry.

“Our participation in the event further affirms the confidence and competitiveness of the local aerospace manufacturing and aviation industries. These industries have charted significant growth and we see these maturing industries ready to compete in the global market,” Rodolfo said.

Philippine-based companies currently produce parts for major aerospace manufacturers like French company Airbus and US-based Boeing.

The aerospace industry roadmap projects export revenues to rise to $1.5 billion in the next 10 years.

Export revenues of the industry stood at $ 5.9 million in 2008 and have surged to $ 226 million in 2014.

As of the third quarter of 2015, revenues from the exports of aerospace products already reached $309 million.