Toyota Group sees exports of auto parts hitting $1B in 2014  

Toyota Group expects its exports of auto parts to reach $1 billion next year from the $954 million estimated this year as suppliers look to expand production.

 

In a statement Thursday, Toyota Group said "the upbeat outlook is based on 2014 plans shared by individual suppliers."

 

Suppliers that have disclosed expansion plans to the Philippine Economic Zone Authority are TRP, Inc., Philippine HKR, Inc., Philippine Auto Components, Inc., Jeco Autoparts Philippines, Inc., Koyo Manufacturing (Phils.) Corp., and Technol Eight Philippines Corp.

 

"Rest assured that PEZA will continue to support you in the processing of your requirements as you carry on with additional investments and expansion projects," PEZA director general Lilia De Lima said.

 

The Toyota groups had exported $480 million by the first half of 2013, slightly less than the $490 million posted in the same period in 2012. 

 

The Toyota Group includes Toyota Autoparts Philippines, Inc. (TAP) and other domestic makers of vehicle parts exported to Toyota's assembly plants in other parts of the world. TAP exports the G-Type manual transmission, R-Type manual transmission and constant velocity joint.

 

The TAP exports 95 percent of its output to countries like Thailand, Indonesia, India, South Africa, Malaysia, Vietnam, Taiwan, Japan, Pakistan, and Venezuela.

 

Toyota Motor Philippines Corp. president Michinobu Sugata  said continued support from the government will be needed by local vehicle assemblers even as suppliers under Toyota Group expand.

 

He said Toyota Motor Corporation (Japan) recognizes the potential of automotive manufacturing in the Philippines and stressted the importance of a road map initiated by the Department of Trade and Industry in Toyota’s medium-term local production strategy.

 

Aside from the the road map for the automotive industry, Toyota also supports passage of a proposed Automotive Manufacturing Act filed at the House of Representatives.

 

"A legislated industry program is an important factor for long-term investment planning," he said. — JDS, GMA News