Trade Secretary Ramon Lopez disclosed on Thursday, October 27, that President Rodrigo Duterte’s visit to Japan was able to secure $1.85 billion in investment pledges from Japanese companies residing in the Philippines. These includes commitments to build subcompacts in the country from Toyota Motor Corp. and Mitsubishi Motors.
Back in 2014, the rising costs posed a threat towards the closure of Toyota and Mitsubishi assembly plants with plans to transfer to Malaysia and Indonesia instead.
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Lopez said that this decision by two auto giants to assemble Vios and Mirage models will help increase the efforts of Manila in reviving its automotive industry.
Duterte’s three-day visit to Japan was able to procure a total of 12 investment agreements, which included agriculture and renewable energy. According to Lopez, these agreements are anticipated to produce 250,000 jobs.
Other than Toyota and Mitsubishi, Honda Motor Corp. also builds their cars in the Philippines.
Suzuki Motor also inaugurated a motorcycle plant in Canlubang, Laguna in 2012. This is in addition to its existing facility in Pasig City. Earlier in 2016, Foton Motor’s factory started operating in the Clark Freeport Zone.
Source: (k2.abs-cbnnews.com)
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