The Market Monitor Minding the Nation's Business
President Ferdinand R. Marcos Jr. has expressed his support for Mitsubishi Motors Corp. (MMC)’s PhP7-billion investment plan in the Philippines, which is expected to generate more employment opportunities for Filipinos over the next five years.
MMC President and CEO Takao Kato met with the President in Malacañang last week to present the company’s plans, which include introducing a new vehicle model at Mitsubishi Motors Philippines Corp. (MMPC)’s manufacturing plant in Laguna.
“The jobs that your investment will create are crucial to us, especially in vehicle manufacturing,” President Marcos emphasized.
The President also mentioned that MMC will be integrated into the government’s new Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program, an updated version of the Comprehensive Automotive Resurgence Strategy (CARS) Program. He expressed hope that this inclusion would support the company’s growth plans in the Philippines.
Kato highlighted the Philippines as a key market for MMC in Southeast Asia, citing the country’s strong and stable economy. “The Philippines is our number one market in the ASEAN,” Kato noted.
Founded in April 1970, MMC operates in multiple countries, including Japan, Thailand, Indonesia, Vietnam, China, Russia, and the Philippines.
MMPC, a 100-percent subsidiary of MMC, began as Chrysler Philippines Corp. in 1963 and currently has a manufacturing plant in Santa Rosa, Laguna, with an annual production capacity of 50,000 units, potentially expandable to 100,000 units per year.
As of November 2024, the Philippine motor vehicle industry sold 425,208 units, with MMPC capturing 19 percent of the domestic market, second only to Toyota, which holds 46 percent.