Hyundai Motor's Philippine importer and distributor, Hyundai Asia Resources Inc (HARI), said it plans to spend PHP5bn (US$93m) over the next five years to set up local assembly operations in the country, according to local reports.

HARI president and CEO Ma Fe Perez-Agudo said the project had already started and the first model set for commercial production this month would be build from CKD (completely knocked-down) kits.

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Agudo said local assembly volume this year is expected to be 3,000-5,000 units and other models will be added over the next five years as the Laguna plant's capacity is expanded to 50,000 a year.

Ultimately the plant will assemble vehicles from around 1,800 individual "small and big parts", he added.

HARI expects Hyundai sales in the Philippines to reach 42,000 vehicles this year, up 10% year on year or roughly equivalent to 10% of the market.

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