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.