Toyota Motor Philippines Corp. said Thursday export revenues increased 3 percent last year to $841 million from $840.7 million in 2015, led by a significant increase in shipments of automotive parts.
TMPC disclosed the numbers during a meeting with Toyota Group of Export Suppliers and Philippine Economic Zone Authority director-general Charito Plaza.
TMPC president Satoru Suzuki said Toyota Group’s exports of automotive parts accounted for 21 percent of the country’s auto parts exports in 2016.
The group informed Peza about the challenges that the auto manufacturing industry was facing, while Plaza gave assurance of policy consistency and a “revolutionized” Peza to improve the business climate.
Toyota Group committed to help the country achieve sustainable growth and progress through the Comprehensive Automotive Resurgence Strategy or Cars program.
“We would like to take advantage of the current market growth to further develop local production with support under the Cars program. Through investments, employment generation and more parts export, the auto industry will play a great role in economic development,” Suzuki said.
Toyota registered with the Cars program in July 2016 with an initial investment of P3.2 billion in vehicle production and parts localization.
The company said in December last year it would increase its total outsourced local parts by 16 percent, or a total of 317 part numbers, in collaboration with 30 auto parts makers which included small and medium-sized enterprises.
TMPC said it would also undertake in-house parts production under the Cars program.
Toyota Group pledged to put in combined investments of P7.5 billion in new projects that would also involve the manufacture of automotive parts of Toyota Vios, the group’s entry model in the Cars program.