President Ferdinand R. Marcos Jr. has applauded Mitsubishi Motors Corporation’s (MMC) P7-billion investment plan in the Philippines over the next five years, highlighting its potential to generate employment for Filipinos.
On Thursday, MMC President and CEO Takao Kato paid a courtesy call to President Marcos at Malacañang, where they discussed the company’s investment initiatives in the country. Kato outlined MMC’s expansion strategy, which includes introducing a new production model at the Mitsubishi Motors Philippines Corporation (MMPC) plant in Laguna.
“The jobs that your investment will provide are of great importance to us. Vehicle manufacturing is certainly a key sector,” President Marcos remarked.
The President announced that MMC would be incorporated into the government’s Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program, a new iteration of the Comprehensive Automotive Resurgence Strategy (CARS) Program. He expressed hope that MMC’s inclusion would facilitate its expansion efforts.
Kato emphasized the Philippines’ significance as MMC’s foremost investment in Southeast Asia, citing the country’s stable and robust economy. “In ASEAN, the Philippines is our number one market,” Kato told the President.
Founded in April 1970, MMC is a multinational automobile manufacturer with production facilities in Japan, Thailand, Indonesia, Vietnam, China, Russia, and the Philippines. MMPC, a wholly owned subsidiary of MMC, began operations as Chrysler Philippines Corporation in 1963, assembling and distributing Chrysler, Dodge, and Plymouth passenger cars.
Located in Santa Rosa, Laguna, MMPC’s manufacturing plant currently boasts an annual production capacity of 50,000 units, with the potential to expand to 100,000 units per year. As of November last year, the motor vehicle industry in the Philippines sold 425,208 units.
