MANILA, Philippines - The Toyota Group of export suppliers recorded $841 million in export sales last year, up three percent year-on-year, Toyota Motor Philippines Corp. (TMP) said.
TMP said the Toyota Group plays a significant role in the outbound shipment of automotive parts, accounting for 21 percent of the total Philippine auto parts exports in 2015.
The Toyota Group of export suppliers are composed of Toyota Autoparts Philippines, Yazaki-Torres Manufacturing Corp., Denso Philippines Corp., Fujitsu Ten Philippines Corp., Technol Eight Philippines Corp., JECO Autoparts, Aichi Forging Co. of Asia, TRP, Philippine HKR, Harada Automotive Antenna (Phils.), Koyo Manufacturing, International Wiring Systems, and EDS Manufacturing.
TMP and the Toyota Group have expressed their commitment to help the country achieve sustainable growth and progress.
TMP president Satoru Suzuki said the car firm and the group of export suppliers are confident about Toyota’s partnership with the government through the Comprehensive Automotive Resurgence Strategy (CARS) program.
“We would like to take advantage of the current market growth to further develop local production with support under the CARS rogram. Through investments, employment generation and more parts export, the auto industry will play a great role in economic development,” Suzuki said.
TMP registered under the CARS program in July 2016 and has an initial investment of P3.2 billion in vehicle production and parts localization.
TMP plans to increase its total outsourced local parts by 16 percent or a total of 317 part numbers, in collaboration with 30 auto parts makers which include small and medium-sized enterprises.
In addition, the company will be undertaking in-house parts production under the CARS program.