Toyota sets P3.34B for expansion

The local unit of Japan’s largest automaker Toyota will pump in an additional P3.34 billion for the expansion and upgrading of its main manufacturing plant in Laguna, its top official said yesterday.

Toyota Motor Philippines Corp. (TMPC) president Nobuharu Tabata said aside from the expansion of its production capacity, the fresh infusion would be also be channeled to subsidiary Toyota Autoparts Philippines Inc. which exports parts and components to Japan.

Of the total investment, P1.65 billion will be put in for the expansion and modernization of TMPC’s existing production line for completely built units (CBUs) and improve the service center and employee facilities of the Sta. Rosa, Laguna plant, an accredited economic zone.

The plant expansion will install a common production line for the assembly of Toyota’s popular models Corolla, Altis, Camry and Revo. Upon completion, Tabata said the factory will be the most modern local facility for the production of high-quality automobile units, with the capability of simultaneously rolling out passenger cars and commercial vehicles.

Another P1.01 billion will be put into Toyota Autoparts for an export project to Japan which Tabata said would fuel a 51 percent growth in its exports.

TMPC exported autoparts worth $305 million last year and plans are underway to broaden its export markets to other countries like Thailand, Taiwan, Indonesia, India, Vietnam, Pakistan and South Africa.

Tabata said the remaining P679 million would be invested in TMPC’s other subsidiaries at the ecozone for their respective expansion needs.