The Toyota Group of Export Suppliers is optimistic in achieving its target of $1 billion for export sales in 2014. This year, the current estimate is that the group’s exports will reach at least $954 million.
The upbeat outlook is based on 2014 plans shared by individual suppliers. Among those who disclosed expansion plans starting 2014 include TRP Inc., Philippine HKR Inc., Philippine Auto Components Inc., Jeco Autoparts Philippines Inc., Koyo Manufacturing (Phils.) Corp. and Technol Eight Philippines Corp.
During the meeting with Philippine Economic Zone Authority (PEZA), Toyota Motor Philippines (TMP) President Michinobu Sugata also gave an update on auto industry issues and requested for continued support from the government, especially as the auto industry awaits the implementation of the new auto policy.
PEZA Director General Lilia de Lima said that, “Rest assured that PEZA will continue to support you in the processing of your requirements as you carry on with additional investments and expansion projects.”
Sugata said that Toyota Motor Corp. (Japan) recognizes the potential of automotive manufacturing in the Philippines, adding that the roadmap for the industry initiated by the Department of Trade and Industry (DTI) will be an important factor in Toyota’s medium-term local production strategy.
In this light, Sugata appealed to de Lima regarding updates on the proposed high-level DTI and PEZA visit to Japanese auto suppliers, as a follow-up activity to the Automotive Investment Seminar held in Japan last March 2013.
The seminar in Japan generated interest toward the Philippines as a potential alternative auto parts production base in Southeast Asia. The Toyota Group believes that DTI and PEZA follow through activities with suppliers will support the forthcoming new auto policy.
Sugata also expressed support to House Bill 390, or the Automotive Manufacturing Act, which was identified as one of the priority bills by the House Committee on Trade and Industry.
De Lima assured the Toyota Group that in line with PEZA’s thrust to strengthen export industries, she will support the current policy initiatives for automotive to boost the sector’s performance.