Toyota invests P5.2B in CARS program | Inquirer Business

Toyota invests P5.2B in CARS program

/ 05:14 AM October 19, 2017

Market leader Toyota Motor Philippines Corp. (TMP) has invested P5.2 billion so far in its commitment to the government’s CARS program, noting that such investment will help drive the goal of “advancing Philippine manufacturing.”

In a statement on Wednesday, TMP said it initially invested P3.2 billion in June last year to comply with the requirements of the CARS program, which stands for Comprehensive Automotive Resurgence Strategy.


The CARS Program is a manufacturing scheme that incentivizes participating car companies to produce 200,000 units within six years.

TMP is one of the only two companies that have qualified for the ambitious scheme, the other one is its current market rival Mitsubishi Motors Philippines Corp., which has invested P4.7 billion in the CARS program.


The increase to P5.2 billion follows TMP’s decision to put up a state-of-the-art plastic injection facility in its Santa Rosa plant, the company said, along with the expansion of its press parts facility and introduction of new hemming technology.

“Investments in new parts manufacturing capability constitute a significant portion of our investments. Our major localization projects will drive our goal of advancing Philippine manufacturing,” TMP President Satoru Suzuki said.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: advancing Philippine manufacturing, Cars Program, Investment, Toyota Motor Philippines Corp. (TMP
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

© Copyright 1997-2022 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.