TOYOTA Motor Philippines Corp. (TMP) welcomed the signing of Executive Order (EO) 182, also known as “Providing for a Comprehensive Automotive Resurgence Strategy (CARS) Program” by President Benigno Aquino 3rd.
“Toyota welcomes the EO with much optimism as it further allows the continuity and increase in contributions to the Philippine economy of the auto industry through local manufacturing,” TMP President Michinobu Sugata said in a statement.
The much-awaited CARS Program is expected to facilitate the expansion of local manufacturing capabilities and improve cost competitiveness of industry players, setting the stage for regional integration.
With EO 182, Toyota sees a clearer direction from the government. Sugata said, “I am grateful to the Philippine Government for giving the local auto manufacturing industry a chance to flourish and further contribute to the economy through the CARS Program.”
Toyota’s business in the Philippines has proven to have a major effect on industry linkages. With the CARS program, Toyota’s business growth is expected to further trigger investment opportunities for its supplier network and other auto manufacturing-related activities.
The CARS program is a result of the Industry Roadmapping Project (IRP) launched by the Department of Trade and Industry (DTI) and the Board of Investments (BOI) in January 2012.
TMP registered total sales of 9,467 units in April, allowing the country’s number one automotive company to break the one-million sales mark.
Based on the most recent Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) report, Toyota has sold 1,000,468 units since it started operations in the Philippines in 1989.