TAP is set to increase its total exports to P23 billion or $426 million this year.
The projected auto parts exports is 23 percent higher than the nearly P21 billion or $384 million exports recorded last year.
In 2003, auto parts exports only reached $373 million.
The 2005 export projection is higher than the $400 million in total exports projected by Toyota in late 2004.
Among the parts for export are transmission parts produced by Toyota at its manufacturing plant in Santa, Rosa Laguna.
The transmission assemblies are exported to Taiwan, Vietnam, Thailand, Malaysia, Indonesia, India and South Africa.
Last September 2004, TAP began exporting transmission assemblies to Japan.
Pantaleon said the increase in exports is due to increasing demand from the Toyota global supply network for Philippine-made auto parts.
The bulk of the exports are sold to Toyota’s direct customers, while a portion is distributed worldwide through Toyota’s operations in Japan.
Pantaleon added that the auto parts are re-distributed as part of the completely knocked down units exported by Toyota Japan throughout the globe.
In Southeast Asia, Pantaleon said the demand for Philippine-made auto parts was fueled by the success of Toyota’s innovative multi-purpose vehicle (IMV) project.
Vehicles under this project include the Innova, Hi-Lux and Fortuner.
In the Philippines alone, orders for the IMV units are more than what the company is producing, Pantaleon said.
"Even in the domestic market, the IMV project is successful owing to the launch of the Innova, Hi-Lux and Fortuner," Pantaleon said.
At least 300 Fortuner units are manufactured at the Toyota’s manufacturing plant in Santa Rosa, Laguna every month but orders are estimated to have reached 2,400 as of end May.
Toyota launched the Fortuner model early May 2005.