MANILA, Philippines - Toyota Motor Philippines Corp. (TMPC) plans to increase the domestic content of locally-assembled automotive vehicles.
TMPC president Michinobu Sugata said they are planning to increase the local content of their vehicles.
“We will increase to at least 40 percent, otherwise we cannot be competitive,” Sugata said.
The current domestic content of locally-assembled vehicles, he said, is 20 to 25 percent.
Sugata said they will invite more Japan-based suppliers to locate in the Philippines. This will hopefully revitalize the local auto parts industry.
The Philippine government is trying to encourage auto parts makers to increase their production.
Sugata said this is a good time for the Philippines to encourage Japanese auto parts makers to locate in the Philippines with the current exchange rate making the Philippines a viable investment destination.
Sugata said the appreciation of the yen against the peso, coupled with the calamity in Japan boosts the chance of the Philippines to attract more auto parts makers.
“To grow the manufacturing business, the most important is the parts. We need parts suppliers more and the Philippines has a very good chance of attracting them,” Sugata said.
Meanwhile, Ford Philippines yesterday announced that December 2011 was the best month for the firm after sales went up 24 percent to 973 units.
The December 2011 figures helped drive Ford’s full-year sales in the Philippines up 48 percent to an all-time high of 9,778 units, making Ford the fastest growing auto brand in the country for 2011.
Sales were boosted by the All-New Ford Fiesta, which delivered December 2011 sales of 291 units and finished its first full-year of availability in 2011 with overall retail sales that reached 3,401 units.
“The All New Ford Fiesta has reshaped what class-leading means in the small car segment, and customers clearly appreciate the incredible value this car represents and delivers,” said Randy Krieger, president, Ford Group Philippines.