Mitsubishi Motors Philippines Corporation (MMPC) commitment to boost the local economy and the automotive market has been recognized by the Board of Investments (BOI) after it approved on Wednesday the automaker’s proposal to manufacture vehicles in the country.
MMPC was awarded a Certificate of Registration yesterday as a participant of the Comprehensive Automotive Resurgence Strategy (CARS) Program after the Japanese vehicle manufacturer confirmed its investment of Php 4.3 billion for the production of the Mirage and Mirage G4, which will begin next year.
“This signifies MMPC’s more than half a century commitment to developing the automotive manufacturing industry in the Philippines,” said MMPC President and CEO Yoshiaki Kato.
MMPC plans to manufacture 200,000 units of the Mirage and Mirage G4 over a span of six years.
“In order to meet this target volume, MMPC plans to increase its plant’s capacity by adding another work shift. Along with this, more jobs are likely to be generated nationwide,” added Kato.
“Given that automotive industry associations and economists predict total industry sales will reach the 500,000 units mark by 2020, MMPC hopes to remain one of the country’s partners towards the nation’s economic growth and development,” MMPC said in a statement.