Toyota sets P3.3-B expansion

Renewing its commitment to strengthen its partnership with the Philippines, Toyota plans to invest an additional P3.3 billion as it continues to build up the domestic market and increase its exports.

Toyota is currently the largest automotive company in the country with over 30-percent market share while its exports constitute about a third of total Philippine automotive exports.

During a reception held to commemorate Toyota’s contribution to the Philippine economy, Dr. George S. K. Ty, chairman of Toyota Motor Philippines Corp., said: "We shall further solidify Toyota’s partnership with the Philippines while continuing to contribute to our country’s economic development."

Present during the reception were Trade and Industry Secretary Cesar Purisima, Philippine Economic Zone Authority (PEZA) Director General Lilia de Lima, Ambassador Kojiro Takano of Japan, Akio Toyoda, senior managing director of Toyota Motor Corp., and Shoji Ikawa, managing officer of Toyota Motor Corp.

Dr. Ty cited the growth of Toyota from its initial assembly operations in Parañaque 15 years ago to what it is today — an 82-hectare Toyota Special Economic Zone in Sta. Rosa, Laguna. "The Toyota Special Economic Zone is a realization of the vision to make the Philippines a major player in the global automotive industry," said Dr. Ty.

He said Toyota plans to invest P3.3 billion for plant expansion and modernization in the next two years. This is in addition to the P14.3 billion which Toyota has invested so far in the Philippines.

For his part, Toyoda said Toyota Japan looks forward to a fruitful and continuing relationship with the Philippine government. "We thank them for the support and encouragement they have provided us," said Toyoda. "The challenges ahead of globalization require that we forge a strong partnership that will bring about benefits for as many people as possible."

The Toyota Group also celebrated the transition of the presidency of Toyota Autoparts Philippines. Yasuro Takeuchi, a 30-year Toyota veteran, assumes the position held by Joji Miyake who will assume the position of general manager of Toyota’s Global Production Center in Japan.

Toyota Autoparts Philippines, established in 1990, exports 95 percent of its annual output to the ASEAN region, Japan, and major countries of the world. In 2003, the Toyota Group exported $369-million worth of products, mostly component parts and assemblies.