Bosch Philippines projects a 20 percent growth and looks to develop into abrasives
30 November 2010
Joseph Hong, managing director of Robert Bosch Inc, said the Philippines’ economic performance provides a growth market for development into new sectors and existing Bosch products.
Hong said Bosch is looking to manufacture heating systems and the abrasives as well as expand its security systems portfolio, contributing to overall projected growth in 2011.
"Macro economic signals give us reason to be confident in the local economy as well as the performance of local industries directly relating to our business portfolios," Hong said.
With both the transportation and construction industries ranking among the Philippines’ top GDP contributors, the company’s automotive aftermarket and power tools divisions, respectively, generated 38 and 34 percent growth in sales in the first half of 2010, keeping Bosch on a recovery track from its 23 percent dip in 2009.
"With the entry of the new administration and their thrust to provide a level playing field in doing business in the country, we clearly see opportunities to directly participate in (developing) the local automotive sector, infrastructure and development, business process outsourcing and renewable energy, to give a few examples," Hong said.
Bosch is currently the largest supplier of electric power tools in the Philippine mining industry. Through appointed local agencies, Bosch also provides the local power generation industry with drive and control (hydraulic) technologies to further the country’s leadership in harnessing geothermal and hydro power.