Toyota Motor Philippines Corp. (TMP) recorded a 32.8 percent decline in net income in the first half of 2026 to PHP8.4 billion from PHP12.5 billion in the same period last year, as sharp increases in global oil prices adversely affected car sales in the domestic market.
The weak performance of Toyota Motor Philippines contributed to the 11 percent decline in the consolidated net income of its parent firm, GT Capital Holdings Inc., to PHP16.41 billion in the first half from PHP18.42 billion in the same period last year.
The automaker’s revenue also fell 15 percent to PHP115.4 billion from PHP135.6 billion in the first half of 2025.
TMP President Masando Hashimoto expressed confidence in the recovery of the domestic automotive market in the second half of the year.
“We share the industry’s optimism that the market is on its path to recovery, supported by the encouraging sales results in June, putting us on track to reach our three-million cumulative vehicle sales target this year. As we look to the remainder of 2026, we remain committed to adapting to changing market conditions while continuing to provide Filipinos with practical, efficient, and sustainable mobility solutions,” he said.
“While broader economic challenges weighed on automotive demand in the first half, TMP remained steadfast in advancing its multi-pathway approach to meet the evolving mobility needs of our customers.”
In June, TMP sales grew 3.2 percent month on month, signaling early signs of a recovery in the domestic automotive market.
TMP continued to lead the Philippine automotive industry with a 49.3 percent market share, based on data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI).
Electrified vehicles accounted for 11.1 percent of TMP’s total sales in the January-to-June 2026 period, representing a 23.3 percent increase from the same period last year.
The increase reflects TMP’s efforts to strengthen and expand its electrified vehicle lineup in response to shifting consumer demand toward electrified mobility amid elevated fuel prices.
