BMW to set up RP subsidiary

BMW to set up RP subsidiary

MANILA (AFX-ASIA): BMW AG said it will set up a Philippine
subsidiary on April 1 in a 70:30 joint venture with businessman
Jose Alvarez, owner of current BMW importer, Asian Carmakers
Corp.

BMW Philippines Corp will be the first Filipino subsidiary of
a car manufacturer in the luxury vehicle segment, the company
said.

BMW Philippines president Mark Gilbert said the company hopes
to keep the lead in the luxury car segment of the local car
market and expand the model range to include models that are in
demand.