Mitsubishi Motors Philippines Corp. is investing P4.3 billion to manufacture Mirage hatchback and sedan starting 2017 to participate in the Comprehensive Automotive Resurgence Strategy program.
Mitsubishi Motors chairman and chief executive Osamu Masuko, Denso Corp. chairman Naboaki Katoh and Yazaki Corp. president Shinji Yazaki paid a courtesy call on President Benigno Aquino III Wednesday.
“I have expressed MMC’s determination to participate in the Cars program. We are going to make the investment right now. We want to have an environment that creates more employment. This is the direction we want,” Masuko said in a news briefing at Solaire Resort and Casino in Parañaque City.
He said Mitsubishi would soon file an application as a participant in the Cars program, which aimed to increase local vehicle production and sales. The Cars program provides time-bound fiscal and non-fiscal incentives worth P27 billion to three participating car makers who are expected to produce at least 200,000 units each over six years.