Department of Trade and Industry (DTI) Secretary Fred Pascual recognized the significant role of robust public and private partnerships in propelling the country’s automotive industry during the ceremonial turnover of Toyota Motor Philippines Corporation’s (TMP) presidency on 20 February 2024. He also recognized TMP and the broader automotive industry’s contribution to boosting job creation and economic growth.

“Over the years, the collaboration between the DTI and TMP has been instrumental in advancing the automotive industry in the Philippines. TMP has made significant contributions to the Philippine economy through substantial investments and the creation of high-quality jobs,” said Secretary Pascual.

The collaboration between DTI and TMP has sustained completely knocked down (CKD) operations and bolstered local manufacturing capabilities. Additionally, the implementation of the Comprehensive Automotive Resurgence Strategy program has increased the country’s vehicle manufacturing capabilities. With the integration of transmission manufacturing, Toyota’s Regional Parts Complementation Scheme has also optimized production and firmly positioned the Philippines in the global supply chain.

With these economic gains, Secretary Pascual presented plans to further the DTI and TMP’s partnership with a strong focus on software development that will establish the Philippines as a hub for automotive software innovation. He emphasized that this initiative will transform the digital landscape of transport and logistics, enhancing the mobility ecosystem with sustainable solutions.

Meanwhile, Secretary Pascual expressed gratitude for the remarkable tenure of the outgoing TMP President, Mr. Atsuhiro Okamoto. He also welcomed Mr. Masando Hashimoto as the incoming TMP President and expressed optimism for continued innovation and excellence within the Philippine automotive industry.

With the TMP’s executive leadership transition, the DTI Secretary reaffirmed the government’s commitment to support the automotive industry through strategic policies and incentives, aligned with President Marcos Jr.’s vision for a revitalized Philippines.

 “As we forge ahead to realize these economic frontiers, rest assured that the government’s support for the automotive industry remains unwavering. Through strategic policies and incentives, we are committed to incentivizing investments that generate quality employment opportunities,” said the DTI chief.

Established in 1988, Toyota Motor Philippines Corp. (TMP) is engaged in the local manufacture, importation, and distribution of motor vehicles, spare parts, and accessories. ♦

Date of release: 21 February 2024

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