Yokohama Tyre Philippines (YTPI) has started expanding its PHP4.8bn (US$113m) plant in the Clark Freeport Zone. YTPI is pursuing the second phase of its West Plant expansion. The company is likely to boost its annual tyre production to 2.5m units.

YTPI is the only tyre manufacturing company in the Philippines, and after completion of the expansion project it will become the largest tyre manufacturing firm in the world, reports Sun Star Pampanga.

Yokohama has reserved around US$650m to complete its expansion by 2017. The expanded plant is likely to create 5,000 additional jobs and boost the company's production capacity from 22,000 to 40,000 tyres a day.

Yokohama aims to complete and start fully operating its West Plant Phase II by early 2014.