Home » Customs & Trade, Press Releases » PH projects $2.6B in aerospace exports by 2022

The Philippine aerospace industry is poised to achieve its export revenue goal of up to US$2.573 billion by 2022 and be recognized as a reputable partner in aircraft maintenance, repair, and overhaul (MRO) operations, and aerospace parts manufacturing in the Asia-Pacific region, according to the Department of Industry (DTI).

“Philippine aerospace and aviation companies are ready to absorb the robust global demand for aircraft MRO operations, and aerospace parts manufacturing,” Trade undersecretary for industry promotion and Board of Investments (BOI) governor Nora Terrado said during the recent Aeromart Summit Clark Philippines Exhibition in Pampanga.

“The growth of the aerospace industry will mean more export earnings for the country and more quality jobs for Filipinos,” Terrado noted.

She added that the recent 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 lead to] sealed business deals and subsequently, translate to more export earnings for the country.”

Some 64 foreign companies; 51 local companies; 13 embassies and chambers; six schools; four local industry associations; and three foreign industry associations; as well as subcontractors and exhibitors participated in the exhibition. Buyers, contractors, and decision makers in the supply chain likewise flocked to the event.

Local companies currently produce parts for major aerospace manufacturers like French company Airbus and U.S.-based Boeing.

DTI in a statement said exports of aerospace products have steadily increased in recent years, the industry recording a compounded annual growth rate of 42% over the 2012-2016 period.

Europe and the Americas are the Philippines’ biggest export destinations, at 45.8% and 40.8% share to total exports of aerospace parts in 2016, respectively. Asia-Pacific, on the other hand, accounts for a 12.8% share.

Exports of aerospace parts include OEM (original equipment manufacturing) parts such as flight control actuation systems, interiors, galleys and equipment, panels, and lavatories for the global commercial aircraft industry.

Tier 1 OEMs in the Philippines include Moog Controls Corp. (flight control actuation systems), B/E Aerospace (interiors, galleys and equipment, lavatories), and JAMCO (honeycomb panels for interior fit-outs).

No comments yet... Be the first to leave a reply!

Leave a Reply

Your email address will not be published. Required fields are marked *

eleven − 3 =

Close
Please support the site
By clicking any of these buttons you help our site to get better
Social PopUP by SumoMe
Copy Protected by Chetan's WP-Copyprotect.