The Board of Investments accredited four Toyota suppliers as participating parts makers under the Comprehensive Automotive Resurgence Strategy program.
Manly Plastics Inc., Technol Eight Philippines Corp., Toyota Boshoku Philippines Corp. and Valerie Products Manufacturing Inc. will be producing body shell and large plastic parts for the New Vios, Toyota Motor Philippines Corp.’s enrolled model under the CARS.
“The benefit of CARS to suppliers is long-term. The newly-acquired production capability and manpower skills will become their advantage even after the CARS program,” said Toyota president Satoru Suzuki.
The parts projects are worth approximately P1.3 billion and form part of Toyota’s main out-house localization investments.
Aside from the four main CARS suppliers, the company also approved 26 local direct suppliers for the New Vios. The localization projects have generated investments of P600 million on top of those of big car parts manufacturers.
Toyota has also invested P1.9 billion in in-house parts manufacturing to complement its out-house localization