Mitsubishi Motors Corp. (MMC) plans to invest P7-billion in the Philippines over the next five years, a move President Ferdinand Marcos Jr. welcomed as a boost to job creation and the country’s automotive industry.
MMC President and CEO Takao Kato met with Mr. Marcos in Malacañang on Thursday to discuss the company’s expansion, which includes adding a new production model at its Mitsubishi Motors Philippines Corp. (MMPC) plant in Laguna.
“The jobs that it will provide, that your investment will provide, are very important to us,” President Marcos said. “Certainly, vehicle manufacture is one of those,” he added.
President Marcos said MMC will be included in the government’s Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program, a proposed update to the Comprehensive Automotive Resurgence Strategy (CARS) Program.
He hoped MMC’s inclusion would support its growth in the country.
Kato described the Philippines as MMC’s most important investment in Southeast Asia, citing its stable economy and strong demand for vehicles.
“In ASEAN, the Philippines is our number one market,” Kato said.
Founded in 1970, MMC operates manufacturing facilities in Japan, Thailand, Indonesia, Vietnam, China, Russia, and the Philippines.
As of November 2024, the Philippine motor vehicle industry recorded sales of 425,208 units, with MMPC holding a 19 percent market share, second only to Toyota’s 46 percent.