|
THE
local unit of the world’s largest automaker by revenue
announced that a chunk of its Philippine investments
next year will be spent on producing a new vehicle for
the domestic market.
Toyota
Motor Philippines Corp. (TMPC) said that it will be
allotting most of its P2-billion investment next year to
convert semi-assembled vehicle kits into completely
built units in its Sta. Rosa, Laguna facility. Earlier,
the automaker allotted P1 billion to establish and
operate a production line to build the Vios compact
sedan locally.
However,
Alfred Ty, TMPC vice chairman, refused to give more
details about the new model, citing advantages of
assembling some vehicles in the Philippines, instead of
simply importing them.
Among
these advantages include tariff savings and shipment
costs.
But the
Toyota executive said that the government should
establish more policies encouraging auto companies to
build more vehicles here.
Converting semiassembled vehicle kits—also known as
complete knocked down (CKD) units—into completely
built-up models also benefit the country by creating
additional employment, encouraging dollar inflows, and
generating more business for local parts manufacturers.
For his
part, Santos Guerrero, TMPC senior vice president, said
the company is looking at increasing its CKD volume to
25,000 units in 2008 from about 15,000 units this year.
Meanwhile, Toyota Auto Parts Inc. (TAPI), a TMPC
affiliate, opened its P5-billion transmission
manufacturing plant, also in Sta. Rosa.
Parts
produced by the said facility will be used to supply
Toyota’s global production for its International
Innovative Multipurpose Vehicle line that includes the
Innova, Fortuner and Hi-Lux models. |
