Ford to invest $100m in RP

Ford to invest $100m in RP

WASHINGTON (Reuters): Ford Motor Co. said on Friday it would invest US$100 million in a vehicle assembly plant and complex near Manila, showing its faith in the Philippine economy.

The plant will produce the Ford Ranger pickup truck, the Laser passenger car and the Econovan commercial truck, the company said.

"Under the leadership of President (Fidel) Ramos, the Philippines has exhibited the political and economic stability that gives us the confidence to make this investment," Wayne Booker, Ford vice chairman, told a business group honoring Ramos, who was visiting Washington.

Ford said ground breaking at the plant would take place this month in Santa Rosa, south of Manila. The plant will open in the fall of 1999.