Toyota Motors Philippines (TMP), along with Mitsubishi Motors Philippines Corporation (MMPC) plan on boosting local automotive production after the Board of Investments (BOI) approved the company's proposal for the Comprehensive Automotive Resurgence Strategy (CARS) Program.
“The government has set a high level of ambition for the CARS Program, targeting the need to promote an economically-viable scale of production that will allow our auto sector to compete within the region for specific auto models,” said Trade Assistant Secretary Rafaelita Aldaba.
Over the next six years, TMP will produce 230,000 units of the next-generation Vios. Meanwhile, MMPC will manufacture 200,000 units of the Mirage / Mirage G4. MMPC plans to start local production of the Mirage by 2017. TMP, on the other hand, will begin manufacturing the new-generation Vios come 2018
With Toyota and Mitsubishi's initial investments totaling at PhP 8 billion, BOI predicts that it will create 14,000 new jobs, salaries and wages which will also amount to PhP 8 billion.