Toyota Motor Philippines Corp. (TMPC) expects its auto parts export sales to hit $1.21 billion by end-2024, with a further increase to $1.28 billion in 2025, an executive said.
While the exports this year are expected to be down by 3 percent from $1.26 billion in 2023, the company is optimistic the recovery experienced by the global automotive industry will grow sales in 2025.
TMP shared the forecast during a meeting with the Philippine Economic Zone Authority (PEZA) and Toyota Group export suppliers, highlighting the company’s robust export performance.
The Toyota Group accounted for 30 percent of the country’s auto parts exports in 2023, contributing $1.26 billion—a significant boost to the Philippines’ automotive export sector.
Direct exports from the Toyota Group amounted to $665 million and the balance was accounted for by indirect exports through Toyota Logistics.
As part of its localization strategy, TMPC is ramping up the production of auto parts for export to strengthen the domestic automotive supply chain and maintain global competitiveness.
To support the initiative, TMPC spearheads the Toyota Supplier Club (TSC), which now boasts of 106 members.
The TSC focuses on improving efficiency and productivity while fostering collaboration, corporate social responsibility, and innovation within the Toyota network.
TMPC also provides suppliers with technical engineering assistance, encouraging partnerships and technology-sharing ventures with foreign experts.