Philippines Automobile Manufacture & Sales Company Announces Participation in National Auto Industry Stimulus Program, CARS
Feb. 10, 2016
Mitsubishi Motors Philippines Corporation (“MMPC”), an automobile manufacture and sales company developed by Sojitz Corporation (“Sojitz”) and Mitsubishi Motors Corporation (“Mitsubishi Motors”), announced today that they will be participating in the Philippines’ ‘CARS Program’ (Comprehensive Automotive Resurgence Strategy Program).
In 1972, Sojitz entered the assembly and sales business for Mitsubishi-brand vehicles in the Philippines, and in the years since, we have worked on body production, retail, and building brand recognition in the country. MMPC, on the other hand, recently became the first auto manufacturer in the Philippines to reach 500,000 units built. They will keep working to develop both their business and the country’s auto industry as a whole, while retaining their high market share.
MMPC relocated their headquarters and manufacturing plant from Cainta, Rizal to Santa Rosa, Laguna in order to shore up production capacity in light of the Philippines’ burgeoning auto market, and in January 2015, they held the opening ceremony for the new plant. Now, they are building a framework to enable quicker response to what experts believe will be a high-demand small vehicle market in the future, by applying for the CARS Program, receiving approval from the Philippines’ government, and adding two new models to their lineup starting from 2017: Mirage and Mirage G4 (Attrage). Once production on these vehicles commences, MMPC plans to invest over 4.3 billion pesos as a first step (approx. 10.5 billion yen) in projects including the construction of a new pressing plant. In this way, they aim to expand both investment and create employment opportunities to match their new expanded scope of production.
As the Philippines looks ready to enter a period of true motorization, the expansion of general production will encourage more Japanese parts manufacturers to enter the Philippines’ market under the CARS Program and contribute to the growth of the country’s auto parts and auto manufacturing industries. MMPC will contribute to strengthening the foundations of the Philippines’ auto industry by expanding manufacture and sales in the country.
Mitsubishi Motors Philippines Corporation (MMPC) – Company Overview
|Head Office / Plant Location||Santa Rosa, Laguna, Philippines|
|Total Capitalization||₱ 1,640,000,000|
|Main Businesses||Mitsubishi-brand vehicle manufacture and sale|
|Representative Director||Yoshiaki Kato (President & CEO)|
|Shareholders||Sojitz Corporation - 49%,
Mitsubishi Motors Corporation – 51%
|Production Capacity||50,000 units per year|
|Total Area of Plant||Approx. 21.4 hectares|
|Models for Sale||