Mitsubishi forms advisory body

MANILA, Philippines - Japanese carmaker Mitsubishi Motors Corp.’s local unit has set up an Executive Advisory Council (EAC) to  serve as a consultative advisory body for formulating the firm’s corporate strategies.

According to Mitsubishi Motors Philippines Corp. (MMPC), it has formed an independent EAC for its Board of Directors.

The EAC is composed of business experts Juan B. Santos, Deogracias N. Vistan and Edgar O. Chua.

Santos, who currently serves as chairman of the Social Security Commission, was the secretary of the Department of Trade and Industry in 2005.

Vistan, an independent director of Philippine National Bank, has held top positions with government and private banks since 1986.

Chua, meanwhile, is currently the country chairman and president of Shell Philippines and also a board member of the Energy Development Corp.

The establishment of the EAC would provide expert advice and opinion to MMPC’s Board of Directors who are considered vital in forming corporate strategies, aligned with the company’s mission, vision, and business environment.

The EAC would also guide the company in making sound and effective business decisions given the various areas of operations and effect of developments and changes in government regulations and economic policies.

MMPC president and chief executive officer Hikosaburo Shibata said the EAC is vital for a 100-percent Japanese owned company which is fast expanding in the country.

“We welcome their objective perspective on new marketing and business strategies, providing directions that are better suited for the Philippine scenario. This is significant and advantageous not only for MMPC, but, also for the progress of the whole nation,” he said.

After hitting record-high sales of 50,085 units last year, MMPC  aims to further grow sales to reach 62,000 units this year.

The firm which is set to inaugurate later this month its new facility in Sta. Rosa, Laguna which it purchased from Ford Motor Co., is ready to make additional investments to increase its production capacity and assemble other vehicle models, pending the issuance of an executive order for the automotive industry road map.