The suppliers of Toyota Motors Philippines Corporation (TMP) are gearing up for the forthcoming Asean Integration as well as the new Philippine car industry road map called Comprehensive Automotive Resurgence Strategy (CARS) the government unveiled on Monday last week.
This was revealed during the recent 2015 Toyota Supplier Conference and 15th Toyota Suppliers Club (TSC) General Assembly recently held at The Bellevue Manila in Muntinlupa City.
TMP president Michinobu Sugata commended the excellent performance and important milestones achieved by Toyota suppliers and challenged them to further improve competitiveness in the areas of safety, quality and cost. Sugata reported industry sales for the first quarter of 2015 was 17 percent higher compared to the same period last year, signifying rapid motorization brought about by economic growth.
While production output remains low compared to other Asian countries, the future of the automotive sector looks very optimistic. TSC Chairman Rafael Villareal further challenged its members to optimize free trade agreements to channel investments to the automotive sector and turn it into a significant link in the global chain.
Given the steady growth and expected boom of the industry leading to 2020, TMP has aligned its goals, together with its suppliers, to gear up for the CARS program implementation and the integration of the economies of Asean or the Association of Southeast Asian Nations. TSC currently has 92 member-companies, comprising of TMP’s first to third tier parts suppliers.