Toyota plans to spend PHP450m (US$10.5m) this year improving its assembly facilities in the Philippines and to increase local content of key models.
Alfred Ty, vice-chairman of Toyota Motor Philippines, told local reporters that his company had applied for income tax incentives from the government.
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The company plans to raise local content of the locally-assembled Innova from the current 20% and of the Vios from 25%. Most of the investment will go towards new stamping equipment
Its facility in Laguna has capacity to assemble 30,000 vehicles per year with output expected to reach 28,000 units in 2011. Similar volumes are expected to be imported as CBUs. The company is urging the government to improve incentives to attract more Japanese component manufacturers to the country.
