Mitsubishi Motors Corporation to invest P4.3B for CARS program

MITSUBISHI MOTORS FOR CARS PROGRAM. Mitsubishi Motors Corp. Japan CEO Osamu Masuko and top parts suppliers companies gather at a press briefing event for Car Manufacturing Operations in the Philippines at Solaire Resort and Casino.

 

In a press briefing held on February 10, Mitsubishi Motors Corporation (MMC) CEO Osamu Masuko expressed determination to participate in the CARS program of the PH government through a P4.3B investment.

The said investment was made for the first phase of its plan to locally produce hatchback and sedan of MIRAGE in its Sta. Rosa, Laguna production site. This production investment will include a stamping facility to increase the local content rate. By 2017, Mitsubishi targets to produce 25,000-30,000 units in 1 shift and if utilized, it can expand production of 100,000 units a year.

“With the new model production plan of MMC, we have asked the parts suppliers which have decided to penetrate into PH to be in this event,” Masuko said in his speech. As part of the development of the automotive industry in the PH, 20 companies of parts suppliers agreed to engage in a business partnership for expansion such as through “construction of new plants, expansion of existing production base, and provision of technology to local corporations.”

According to Masuko, Philippines is one of the most important markets for Mitsubishi Motors. With its “stable politics and forecasted economic growth in the future,” it aims to make contribution to the economic growth through the automotive industry.

Masuko also added that it is high time for the PH government to announce the CARS program.

The Comprehensive Automotive Resurgence Strategy (CARS) program allows the automotive industry of PH to be competitive in ASEAN.