Toyota bags slot in PH car program

posted July 27, 2016 at 11:45 pm
by  Othel V. Campos
The Board of Investments awarded a certificate of registration to Toyota Motors Philippines Corp.  as a participant in the Comprehensive Automotive Resurgence Strategy program.

Toyota is investing in the production of at least 200,000 units of Toyota Vios over the next six years.

Trade Secretary and Board of Investments chairman Ramon Lopez awarded the registration certificate to TMPC president Satoru Suzuki and vice chairman Alfred Ty on July 22, 2016. 

The Board of Investments awards the certificate of registration to Toyota Motors Philippines Corp. as one of the participating carmakers in the Comprehensive Automotive Resurgence Strategy program. TMPC is investing in the production of  Toyota Vios (full model change) over the six-year period of the program. Shown is Trade Secretary and BoI chairman Ramon Lopez (second from left) awarding the registration certificate to TMPC president Satoru Suzuki (second from right). With them are Trade undersecretary and BoI managing head Ceferino Rodolfo (left) and TMPC vice chairman Alfred Ty. 
BoI awarded a certificate of registration to Mitsubishi Motors Corp. in June for the enrollment of its Mirage/Mirage G4 model in the Cars program.

Cars program is an incentive package providing a fiscal-capped, time-bound and performance-based support to automotive industry players.

It aims to jumpstart the development of the Philippine automotive industry and make the country an auto manufacturing hub in Asean.

It also intends to raise the production level to a competitive scale by providing $1,000 per unit fiscal support for the production of three models with a combined 600,000-unit production requirement over six years and mandatory local production of body shell and large plastic parts.

It is expected to amplify the Philippine workforce, strengthen industrial linkages and attract additional investments.

Boi said with the certificates of registration awarded to two participating carmakers, it would now move to the next phase of the program, enabling the influx of projects related to new parts, investments, joint venture or technical licensing agreements.

This will further enhance the local parts making capability of the Philippines.

Topics: Board of Investments , Toyota Motors Philippines Corp. , Comprehensive Automotive Resurgence Strategy program
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