Carmaker invests P7B more for PH expansion
President Marcos is upbeat about Mitsubishi Motors Corp.’s (MMC) investment of P7 billion that will expand its operations and will eventually make sustainable transportation a reality for many Filipinos.
The President made the remarks after his meeting with MMC president and chief executive officer Takao Kato on Thursday afternoon in Malacañang.
Kato discussed with Mr. Marcos the Japanese vehicle manufacturer’s expansion plans in the Philippines, particularly their intention to invest P7 billion here in the next five years.
“As a strong partner in our journey to strengthen the automotive industry and empower Filipino workers, we welcome Mitsubishi Motors Corp.’s plans to expand operations in the country,” the President said on his social media accounts.
He stressed that he and Kato “share the same goals of driving innovation, creating more jobs and making sustainable transportation a reality for Filipinos.”
Malacañang said the MMC said it will invest P7 billion in the country until 2030 to bankroll its expansion plans that will include a new production model at the Mitsubishi Motors Philippines Corp.’s plant facility in Laguna.
Mr. Marcos expressed optimism that the MMC’s inclusion in the government’s Revitalizing the Automotive Industry for Competitiveness Enhancement Program—a new proposed version of the Comprehensive Automotive Resurgence Strategy Program—will help bolster its expansion in the country.
“The jobs that it will provide, that your investment will provide, are very important to us. And certainly, vehicle manufacture is one of those,” the President said.
In response, Kato told the President that the Philippines is MMC’s most important investment in Southeast Asia due to its “good and stable economy.”
“In the Asean (Association of Southeast Asian Nations), the Philippines is our No. 1 market,” Kato said on Thursday.
Established in April 1970, the MMC is a multinational automobile manufacturer with production facilities in Japan, Thailand, Indonesia, Vietnam, China, Russia and the Philippines.
