In a significant event marking the change in leadership at Toyota Motor Philippines Corporation (TMP), Department of Trade and Industry (DTI) Secretary Fred Pascual underscored the vital contribution of robust partnerships between the public sector and private enterprises in advancing the Philippines’ automotive industry.
The ceremonial turnover on February 20, 2024, not only celebrated a change in presidency at TMP but also served as a platform for Secretary Pascual to acknowledge the auto industry’s role in stimulating job creation and economic development.
“Throughout the years, the synergy between DTI and TMP has been pivotal for the growth of the automotive industry in our nation. TMP, in particular, has been a cornerstone in the Philippine economy, driving substantial investments and generating quality employment,” Secretary Pascual said.
He highlighted the sustained success of completely knocked down (CKD) operations and the enhancement of local manufacturing capabilities as fruits of the partnership between DTI and TMP.
The implementation of the Comprehensive Automotive Resurgence Strategy program, Secretary Pascual noted, has notably expanded the country’s vehicle manufacturing potential. Furthermore, the integration of transmission manufacturing into Toyota’s Regional Parts Complementation Scheme has sharpened production efficiencies and solidified the Philippines’ role in the global automotive supply chain.
Looking forward, Pascual outlined plans to deepen DTI and TMP’s collaboration, with a particular emphasis on software development aimed at positioning the Philippines as a hub for automotive software innovation. This initiative is expected to revolutionize the digital framework of transportation and logistics, propelling the mobility ecosystem towards more sustainable solutions.
The DTI Secretary also took the opportunity to express his appreciation for the impactful leadership of outgoing TMP President Mr. Atsuhiro Okamoto, while extending a warm welcome to Mr. Masando Hashimoto as the new president. He conveyed his confidence in the continued trajectory of innovation and excellence within the Philippine automotive industry under the new leadership.
In alignment with President Marcos Jr.’s vision for a revitalized Philippines, Secretary Pascual reaffirmed the government’s resolve to back the automotive industry with strategic policies and incentives designed to stimulate investment and create quality jobs.
“As we strive to reach new economic milestones, the government’s commitment to the automotive sector is steadfast. We are dedicated to incentivizing investments that not only contribute to economic growth but also create valuable job opportunities,” Pascual stated.
Toyota Motor Philippines Corp., established in 1988, has been at the forefront of the local automotive scene, engaged in manufacturing, importing, and distributing motor vehicles, parts, and accessories, playing a critical role in the country’s industrial landscape.
