Ford Phils jacks up capital to P2.006B

Ford Motor Co. Philippines Inc. is raising its authorized capital stock to P2.006 billion from P1.46 billion, documents filed with the Securities and Exchange Commission show.

Ford locally assembles the Lynx/ Laser, Escape and the Mazda 3 and Mazda Tribute at its ISO-certified Laguna plant for export to Thailand, Indonesia, Singapore, Malaysia and Vietnam.

Of the capital increase, P1.58 billion has been subscribed and paid in cash.

Ford is engaged in the business of manufacturing, processing, exporting, importing, buying and selling at wholesale of motor vehicles, vehicle parts and components and other similar products and components of all kinds.

To reinforce its position as the only automotive company that exports Philippine-made world-class vehicles, Ford Philippines will start assembling an all new export model – the Ford Focus – which is expected to further boost Ford exports from the country.

Officials of Ford Philippines are confident that with the production and export of the Ford Focus, the company’s export numbers will increase dramatically and contribute to the local economy with increased jobs.

Since the launch of the Ford Export Program in 2002, Ford Philippines has exported over 28,000 vehicles to four countries in the ASEAN (Association of Southeast Asian Nations) region.

The Ford Export Program has also expanded to include the export of CKDs (completely knocked-down units) to Vietnam in October 2004.

To date, the company’s export program has generated some $380 million from Philippine-made vehicles.

The Ford Export Program has also resulted in increased employment opportunities for Filipinos. About 12,000 jobs have been generated as a result of the export program. Employment at the Ford plant in Sta. Rosa, Laguna alone had more than doubled as a result of the export program and is expected to reach 1,200 people in 2006.

Ford is currently working with 61 local parts makers to procure 1,500 parts, with annualized purchases estimated at $43 million (P2.4 billion). Additionally, Ford will purchase some $420 million (P23 billion) in local parts for use in Ford affiliates around the world.