Toyota Motor to invest ¥1B in CARS Program

Toyota Motor Philippines Corp. (TMP) is setting aside “more than a billion Japanese yen” or over P400 million for the first two years of its participation in the government’s Comprehensive Automotive Resurgence Strategy (CARS) Program.

Under Executive Order 182, the program seeks to support three model vehicles for mass production of not less than 600,000 units within a six-year window by allocating P27 billion for the first year. It is expected to translate to a P9 billion production fund for each unit that qualifies.