President Ferdinand Marcos Jr. has welcomed Mitsubishi Motors Corp.’s (MMC) P7-billion investment plan in the Philippines in the next five years, which is expected to generate jobs.
MMC President and CEO Takao Kato met with Marcos Jr. in Malacañang to discuss the company’s expansion, including a new production model at its Laguna plant.
“The jobs that it will provide, that your investment will provide, are very important to us and certainly, vehicle manufacture is one of those,” the President said.
He added that MMCwill be included in the government’s Revitalizing the Automotive Industry for Competitiveness Enhancement Program, a new version of the Comprehensive Automotive Resurgence Strategy Program.
Marcos Jr. said that he hopes this will support MMC’s expansion plans.
Kato emphasized the Philippines as MMC’s most important investment in Southeast Asia, citing its stable economy.
“In the ASEAN, (the) Philippines is our number one market,” he told the Chief Executive.
Founded in 1970, MMC operates in Japan, Thailand, Indonesia, Vietnam, China, Russia, and the Philippines.
Its local subsidiary, Mitsubishi Motors Philippines Corp., has been manufacturing vehicles since 1963 and runs a Laguna plant with a 50,000-unit annual capacity, expandable to 100,000.
As of November 2023, MMPC held 19% of the domestic auto market, second to Toyota’s 46%.IMT
