Local auto production is about to get a bigger boost beginning January 2017 and its effect can already be felt as early as now.
Mitsubishi Motors Corporation in Japan has fully committed to continuing its 50-year involvement in strengthening the Philippine economy and its automotive industry by signing a Letter of Intent (LOI) in Tokyo with members of the Department of Trade and Industry.
The LOI, for all intents and purposes, fortifies the commitment of MMC through Mitsubishi Motors Philippines Corporation (MMPC) to further assist motoring production in the Philippines under the Comprehensive Automotive Resurgence Strategy (CARS) program.
It will be remembered that MMPC was approved for the CARS program in June 2016 to manufacture 200,000 units of the Mirage and Mirage G4 in a span of six years.
Construction of the assembly plant for the Mirage and Mirage G4 models is underway in Mitsubishi's Santa Rosa, Laguna facility with production expected to commence in January 2017. The development comes two years after the Japanese automaker inaugurated their new manufacturing complex to reaffirm its commitment to the Philippine automotive industry.
"Receiving approval to participate in the CARS Program from the DTI affirms the over 50 years of contribution to the development of the Philippine automobile industry. It is my hope that MMPC not only promotes employment in the Philippines but also contributes to the overall development of the economy," said MMC President and CEO Mr. Osamu Masuko.