• PH, Mitsubishi Motors sign investment deal

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    THE Philippine government and Mitsubishi Motors Corp. (MMC) signed a letter of intent (LOI) in Tokyo on Thursday, with President Rodrigo Duterte witnessing the event.

    The LOI reinforces the carmaker’s commitment to further contribute to the Philippine economy through expansion of local production in line with the car program of the Department of Trade and Industry (DTI).

    In June, Mitsubishi Motors Philippines Corp. (MMPC) was given the go signal to join the Philippine Comprehensive Automotive Resurgence Strategy (CARS) Program, forged under the administration of then-President Benigno Aquino 3rd.

    The LOI reconfirms both the DTI and MMC’s commitment under the CARS Program –this time under the Duterte administration.

    The MMPC has enrolled the Mirage and Mirage G4 subcompact models to program starting January 2017.

    MMC Chairman, President and Chief Executive Officer Osamu Masuko stressed the carmaker’s commitment toward the Philippines: “Receiving approval to participate in the CARS Program from the DTI affirms the over 50 years of contribution to the development of the Philippine automobile industry. It is my hope that MMPC not only promotes employment in the Philippines but also contributes to the overall development of the economy.”

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