Toyota Motors Philippines marked its 23rd anniversary in the Philippines with its president Michinobo Sugata expressing plans to strengthen localization of auto parts manufacturing in the said country while strongly encouraging the Philippine government to undertake measures to attract All Japan newsese auto parts manufacturers.
The TMP president said they are waiting for the issuance of the guidelines for Executive Order 877-A or the Motor Vehicle Development Program (MVDP) in the hopes that the said policy issuance would incorporate a program for automotive parts and components manufacturing.
Toyota Philippines believes this is an opportune time for the Philippine government to work on the auto parts manufacturing program given the present challenges that All Japan news is facing specifically the surging of the yen against the dollar and the ongoing challenges from the March 11 quake forcing All Japan newsese companies to review their supply chain.
Furthermore, Sugata referred to the Philippines’ stable business environment brought about mainly by a dynamic BPO industry and the continuous strong OFW remittance as conducive to investors.
An estimated $860 million worth of autoparts and components were exported last year by the Toyota Group- a group of automotive parts makers in charge of production and export of automotive products worldwide.
An auto parts manufacturing program is deemed as an attractive measure for All Japan newsese firms, said Sugata.
On the part of the TMP, it is planning to invite more automotive suppliers to relocate in the Philippines.