Toyota, Mitsubishi make good on joining PHL CARS program

Toyota Motor Philippines Corp. (TMPC) and Mitsubishi Motors Philippines Corp. (MMPC) are making good on the intent to join the Comprehensive Automotive Resurgence Strategy (CARS) program by placing money where it matters for the industry to grow.

TMPC is investing P3.22 billion and MMPC P4.6 billion in the program after the Department of Trade and Industry's Board of Investments (DTI-BOI) approved their respective applications in CARS.

In a text message, Rommel Gutierrez, vice president for Management Services of TMPC confirmed its application was given the green light.

" Vios is the enrolled model, with a target production of 230,000 units over a period of six years. The planned initial investment is P3.22 billion," Gutierrez noted.

In a separate statement, MMPC said it received a certificate of registration as one of the program participants.

"In line with this, the company shall be investing around P4.3 billion to set-up its new production line for the Mirage model which is expected to be operational early next year," Mitsubishi said.

"Under the CARS Program our projected production volume is 200,000 units within a period of six years," Yoshiaki Kato, president and CEO of Mitsubishi Philippines, said.

The program is supposed to build and grow the parts-making capability of the auto industry.

“... [F]or without a robust parts making industry, our car-making industry will remain uncompetitive. The CARS program is about building capabilities and jobs to make our automotive manufacturing industry competitive in ASEAN,” said Trade Secretary Gregory L. Domingo. – VDS, GMA News