The Philippine unit of Japan-based tire manufacturer Yokohama Rubber Co. Ltd. on Monday held a groundbreaking ceremony for the expansion of its manufacturing facility inside the Clark Freeport Zone in Pampanga, marking the beginning of a P3.5 billion-development that is expected to be completed by 2026.
In a statement, the Department of Trade and Industry said the expansion of the Yokohama Tire Philippines Inc.’s (YTPI) tire manufacturing plant would boost its production capacity by 5 percent to over 10 million tires a year.
“Part of that is going to be sold locally, but the bulk will be for the export market, which is also very good for the country,” Trade Secretary Alfredo Pascual said in his speech during the event.
“As the sole tire manufacturing company in the Philippines, YTPI has consistently set the industry standard, establishing a strong global presence,” he also said. INQ