Mitsubishi Motors Philippines approved as CARS Program participant
Mitsubishi Motors Philippines Corporation (MMPC) announced it received a Certificate of Registration from the Department of Trade and Industry’s Board of Investments today, as one of the participants under the Philippine Government Comprehensive Automotive Resurgence Strategy (CARS) Program.
In line with this, the company shall be investing around Php 4.3 billion to set-up its new production line for the Mirage model which is expected to be operational early next year. This total investment includes Php 2 billion investment for a stamping shop facility.
Yoshiaki Kato, President and CEO of MMPC touched on the significance of DTI’s decision: “This signifies MMPC’s more than half a century commitment to developing the automotive manufacturing industry in the Philippines. Under the CARS Program our projected production volume is 200,000 units within a period of six years. In order to meet this target volume, MMPC plans to increase its plant’s capacity by adding another work shift. Along with this, more jobs are likely to be generated nationwide.”
MMPC lauds the hard work and effort the Department of Trade and Industry and the Board of Investments have made towards the realization of the CARS Program, which is indeed very timely as the Philippines enters the era of motorization. Given that automotive industry associations and economists predict total industry sales will reach the 500,000 units mark by 2020, MMPC hopes to remain one of the country’s partners towards the nation’s economic growth and development.