SEC okays Ford capital hike to P2B

The Securities and Exchange Commission (SEC) has approved Ford Motor Co. Phils. Inc.’s increase in to raise its authorized capital stock to P2.006 billion from P1.46 billion.

Documents filed with the SEC show that of the capital increase, P1.58 billion has been subscribed and paid in cash.

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

It is engaged in the business of manufacturing, 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 translate to better times for the local economy, and 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 kits) to Vietnam in October 2004.

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