Toyota Motor Philippines Corp. and Mitsubishi Motors Philippines Corp. on Thursday welcomed the Board of Investments’ approval of their application for the Comprehensive Automotive Resurgence Strategy program.
Both companies received Wednesday their certificate of registration as participants to the Cars program. “Toyota is truly grateful to DTI for approving our application in the Cars program. We are optimistic that Cars will improve the cost-competitiveness of the Vios and, likewise, open a lot of opportunities for the growth and development of both the vehicle and parts manufacturing industries in the country,” said TMP president Satoru Suzuki.
Mitsubishi vowed to bring in a fleet of automotive parts makers to support the local production of Mirage, its entry model to the program. Mirage is currently being imported and produced from Thailand. “This signifies MMPC’s more than half a century commitment to developing the automotive manufacturing industry in the Philippines. Under the Cars program, our projected production volume is 200,000 units within a period of six years. In order to meet this target volume, MMPC plans to increase its plant’s capacity by adding another work shift. Along with this, more jobs are likely to be generated nationwide,” said MMPC president and chief executive Yoshiaki Kato.