THE Philippine aerospace industry is poised to achieve export revenues of $2.57 billion (P134.63 billion) by 2022 and recognition as a partner in aircraft maintenance, repair, and overhaul (MRO) operations, and aerospace parts manufacturing in the Asia-Pacific, the Board of Investments (BOI) said on Wednesday. In a statement, BOI noted that aerospace exports had increased in recent years, adding that the industry had a compounded annual growth rate of 42 percent between 2012 and 2016. Exports of aerospace parts include OEM (original equipment manufacturing) parts, such as flight-control actuation systems, interiors, galleys and equipment, panels, and lavatories. It aimed to maximize investment and outsourcing opportunities in the country, and served to expand the reach of local aerospace industry players with global clients through business-to-business meetings. “The growth of the aerospace industry will mean more export earnings for the country and more quality jobs for Filipinos,” the Trade official said.

Source: Manila Times June 06, 2018 16:18 UTC