Limited impact expected from US vehicle tariff concession

The zero tariff concession given by the Philippines to vehicles from the US is expected to have minimal impact on the local automotive sector in the short-term, according to Mitsubishi Motors Philippines Corp. (MMPC).

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"I think it’s not going to impact in a short time that much," MMPC president and CEO Ritsu Imaeda said in a press conference for the launch of Mitsubishi Motors Finance Philippines Inc. (MMFP).

Imaeda said US-made vehicles imported to the Philippines are limited at the moment.

He also said US automotive brands are bringing in their cars to the Philippines from countries like Thailand, which already enjoy zero tariff.

Despite the limited impact seen in the short-term, Imaeda said MMPC would continue to closely watch how the tariffs would affect the domestic market.

"We are trying to investigate all possibilities of how it could impact the market itself," he said.