Toyota Motor Philippines reportedly said on Friday that it plans to invest 3.34 billion pesos ($US63 million approx.) to expand and upgrade its local manufacturing factories.

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In a statement cited by the Dow Jones news agency, the company said it will spend 1.65 billion pesos expanding existing production lines and a car factory, and set up “employee facilities” at its plant in Laguna province south of Manila.

Toyota Autoparts Philippines will provide 1.01 billion pesos with the balance coming from other Toyota units for expansion in domestic and export markets, the report said.

Toyota reportedly said the fresh investments will enable it to attain 51% growth in its exports, according to Dow Jones.

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