One of these is the inauguration of the Toyota Financial Services Philippines Corp. Actually starting operations at the beginning of this month, TFSPH is the fifth office set up by parent company Toyota Financial Services (TFS) in the Asia and Oceania regions. Together with TFS, the Metrobank Group initially invested P500 million for the Philippine company’s operations.
Working with TMP and its dealers, TFSPH offers financing services in a host of options and custom-made solutions. The retail loan programs are available to Toyota products purchasers. Fleet and group sales financing and leasing packages will also be offered in the future. Toyota believes this new financing company will fill a gap in its services, focusing on its "Customer First" policy. However, TFSPH will not have a stranglehold on the financing of Toyota vehicles, instead directly competing with other lending institutions. Heading TFSPH is company president Dexter Pasion with Yoshihiro Mori as executive vice-president.
Another event was the celebration of the 10th anniversary of Toyota Autoparts Philippines. Leading the anniversary and inauguration celebrations with Cho, Toyoda and top local Toyota officials were Japan ambassador Kojiro Takano, TAP chair George S.K. Ty and Trade Secretary Mar Roxas.
Established in 1990, TAP began manufacturing transmissions for light commercial vehicles a couple of years later, and by 1993, started exporting its products to Malaysia. In 1996, the company added constant vehicle joints to its product lineup, and shortly thereafter exported these to Japan. Presently, TAP exports its products to Asean countries, South Africa and Pakistan.
After a decade of operations, Toyota said TAP has a paid-up capitalization of P1 billion, with investments totaling P3.8 billion. The company creates more than 500 jobs, TMP added.
In his speech during the celebration, Cho expressed appreciation and gratitude for all of the company’s "friends" in the Philippines, citing the continued support of the customers and the government. Cho also said Toyota will "take full advantage of the new opportunities that are emerging through the Asean Free Trade Agreement."
Adding the Philippines will remain a top priority for Toyota, he pledged an additional investment will be made on both TMP and TAP through a new commercial vehicle project that would become a core Toyota product in the region.
Cho said TAP will be a major supplier of transmissions for this new vehicle that will be produced and sold in Southeast Asia and other Toyota manufacturing plants globally. "The Philippines is at the heart of the project," he further asserts.
Meanwhile, Ty, in his speech, cited TMP’s contribution to the national economy. He said the company has paid over P39 billion since 1998, and that by the end of this year, TMP will be turning over P4 billion. Ty also added that the Toyota Group is the leader in the industry where exports are concerned, saying that last year alone the group has generated export revenues of $276 million, or over 30 percent of the total export pie of the local auto industry.
In the event, Cho also announced TMP is donating a Tamaraw Revo to the Philippine National Red Cross.
Speaking of donations, the office of the President was also a recipient of Toyota’s hybrid-fuel car, the Prius. The first hybrid vehicle sold in commercial quantities, the Prius is "the perfect vehicle for Toyota to showcase its commitment and concern for the preservation of the environment," a TMP public affairs officer said.
Held the day after the TFSPH and TAP celebrations, President Gloria Macapagal-Arroyo herself was present during the hand-over affair, which was marked by a simple ceremony and a plant tour at the Toyota assembly lines in Santa Rosa, Laguna. Joining the President was Sec. Roxas. A brief chat with Toyota top brass followed. However, no details were available as to what was discussed.
What is certain is how busy Toyota’s week was.