ON TRACK. Toyota Motor Philippines (TMP) chairman Alfred Ty delivers his speech during the company's media thanksgiving event at Grand Hyatt in Taguig City on Tuesday (Jan. 23, 2024). TMP is on track to roll out its PHP5.5-billion investment pledges in the Philippines. (PNA photo by Kris Crismundo)
MANILA – The local business unit of Japanese carmaker Toyota targets to complete its PHP5.5 billion investments in the Philippines by the third quarter of 2024.
Toyota Motor Philippines (TMP) chairman Alfred Ty told reporters in a media event Tuesday evening that the company will fulfill its investment commitments in time for the reintroduction of the Toyota Tamaraw in the Philippine market between July and August this year.
During the first official visit of President Ferdinand R. Marcos Jr. in Japan in February 2023, TMP committed PHP4.4 billion in investments in the country, which involved reviving the local assembly of its utility vehicle model Tamaraw.
When the Chief Executive came back to Japan for another official trip in December 2023, the Japanese car manufacturer pledged another PHP1.1 billion in investments, eyeing opportunities in the government Public Utility Vehicle (PUV) Modernization Program, which brought the total committed investments to PHP5.5 billion.
“By the time we launch (the Tamaraw), it's all expended,” Ty said.
He said the company is on track to fulfilling its investment commitment.
As of December 2023, the TMP has already invested 25 percent, or more than PHP1.3 billion, of their commitment, Ty said.
“It's moving, it's rolling out. We're preparing for that, and by third quarter that (Tamaraw) should be ready to roll out to the market,” he added.
Ty said the company is eyeing to sell the locally assembled Tamaraw to the light commercial truck market, the same market that Toyota Lite Ace is catering to. Lite Ace is a fully imported completely-built unit.
“That's the same market we're tapping for the Tamaraw new body. We get to understand the needs of that market better now, including supplying to local government needs. So that's a full-blown program, and rest assured we've been preparing for it for the arrival,” he said. (PNA)
