Toyota to increase Philippine manual transmission production and exports
TOYOTA MOTOR CORPORATION (TMC) announced today that Toyota Autoparts Philippines Inc. (TAP) plans to increase both annual production and exports of manual transmissions. As such, in 2009, it plans to produce approximately 340,000 units, compared to approximately 180,000 units in 2006, and to export approximately 330,000 units, compared to approximately 170,000 units in 2006.
TAP—the global production and supply hub for manual transmissions within the IMV Project*, with exports last year to eight countries/regions, including Thailand and Indonesia—intends to construct a new building within its current grounds to accommodate the planned production and export increases, which call for an additional investment of approximately 5.6 billion pesos and about 300 new jobs.
Philippine government officials, including Philippine President Gloria Macapagal-Arroyo, Japanese Ambassador to Philippines Ryuichiro Yamazaki and TMC Senior Managing Director Akira Okabe, took part in a groundbreaking ceremony at TAP today for the new building.
Outline of TAP
|Company name||Toyota Autoparts Philippines Inc. (TAP)|
|Location||Santa Rosa, Laguna, the Philippines (approx. 40km from Manila)|
|Number of employees||Approx. 730 (as of the end of January 2007)|
|Capitalization||1 billion pesos|
|Equity participation||TMC: 95%, Toyota Motor Philippines Corp. (TMP): 5%|
|Start of production||September 1992|