Toyota applies as local maker of light commercial vehicles

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TOYOTA MOTOR Philippines Corp. (TMPC) is applying as a new domestic producer of mobility light commercial vehicles, according to the Board of Investments (BoI).

BoI said in a notice on Thursday that TMPC is applying for registration for these vehicles at an annual capacity of 18,337 units under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

It added that the application is under the heading “Preferred Activities – All Qualified Manufacturing Activities including Agro-Processing” of the 2020 Investment Priorities Plan (IPP) as the transitional Strategic Investment Priority Plan.

“Any person with valid objection/s to the above-mentioned project may file his/her objection in writing, under oath, with the BoI within three days from the date of this publication/posting,” the notice said.

A recent joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed that TMPC still has the largest vehicle market share for the January-November period, at 48.27% or 116,165 units sold.

TMPC was followed by Mitsubishi Motors Philippines Corp. with 13.91% or 33,483 units sold, and Ford Motor Co. Phils., Inc. at 7.5% or 18,154 units sold.

For the 11-month period, vehicle sales reached 240,642 units, higher by 22.7% versus 196,197 units posted in the similar period in 2020, the joint report said.

In November alone, total vehicle sales increased 14% to 26,456 units from 23,162 units in the same month a year ago. — Revin Mikhael D. Ochave

FROM: REUTERS