Toyota top taxpayer among car firms

MANILA, Philippines - Toyota Motor Philippines Corp. (TMPC) was the top taxpayer among car makers/distributors in the country for 2012, according to the government’s latest tax campaign ad.

TMPC, a joint venture between banking tycoon George S.K. Ty and Japan’s Toyota Motor Corp. and Mitsui & Co. Ltd., paid P1.38 billion in income tax last year or more than double the tax paid by the second biggest taxpayer and 89.8 percent higher than the P726.95 million remitted to the government in 2011.

It is the largest automotive company in the country with a total of 65,396 units sold last year. TMPC has sold 61,153 units as of end-October 2013 and expects its total sales to reach more than 75,000 by yearend.

On second spot was Mitsubishi Motors Philippines Corp., maker of Montero and Strada, after having paid P455.29 million.  Sales reached 34,915 units in 2012.

Hyundai Asia Resources Inc., the exclusive distributor of Hyundai in the Philippines, came in third with income tax payments of P234.62 million.  It sold 21,996 units last year.

Isuzu Philippines Corp. clinched fourth place for having paid P100.31 million.

Completing the top 10 tax taxpayers in the automotive industry are Columbian Autocar Corp. (P75.68 million), Universal Motors Corp./Nissan Motor Philippines (P47.54 million), Motor Image Pilipinas (P29.56 million), Ford Motor Co. (P25.85 million), Honda Cars Philippines (P25.115 million), and Cats Motors (P14.91 million).

The Chamber of Automotive Manufacturers of the Philippines (CAMPI) is currently awaiting the release of the automotive industry roadmap which should help Philippines develop into a competitive manufacturing base of motor vehicles parts and components for local and export markets.

The Philippines lags behind its neighbors in Southeast Asia in terms of both sales and production of motor vehicles.

Under the draft roadmap, the government has set a target of 285,000 units of locally assembled vehicles by 2016.  This number is expected to increase up to 534,000 units by 2022 or triple the current 170,000 output.