Mitsubishi Motors to invest PHP7B in the Philippines

Mitsubishi Motors' PHP 7 billion commitment to be included in new RACE program

Mitsubishi Motors Corp. (MMC) has pledged to invest approximately PHP 7 billion (Philippine Pesos) in the Philippines over the next five years, according to an announcement from the Presidential Communications Office (PCO) on Friday.

The investment commitment was made during a meeting between MMC president and CEO Takao Kato and President Ferdinand R. Marcos Jr. at Malacañan Palace on Thursday. 

Kato detailed MMC’s expansion plans, which include adding a new production model at its Mitsubishi Motors Philippines Corp. (MMPC) plant in Laguna. President Marcos confirmed that MMC would be included in the government's Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program, a proposed successor to the Comprehensive Automotive Resurgence Strategy (CARS) Program, expressing hope that this inclusion would further support MMC's expansion.

“The jobs that it will provide, that your investment will provide, are very important to us and certainly, vehicle manufacture is one of those,” President Marcos said.

Kato emphasized the Philippines' importance as MMC's top investment destination in Southeast Asia, citing the country's strong and stable economy. The Philippines has been one of MMC's most important markets, at the 9th Philippine International Motor Show in October, Mitsubishi Motors staged the world premiere of its DST Concept, a seven-seater model which is one of more popular segments in the market.

"In the ASEAN, the Philippines is our number one market," Kato stated.

"As a strong partner in our journey to strengthen the automotive industry and empower Filipino workers, we welcome Mitsubishi Motors Corporation's plans to expand operations in the country," stated the President in a post on his Facebook Page.

“Mr. Takao Kato and I share the same goals of driving innovation, creating more jobs, and making sustainable transportation a reality for Filipinos,” he added.

In our recently published comprehensive Philippine Auto Industry Report for 2024, auto sales were recorded at 474,094 units with Mitsubishi Motors Philippines Corporation responsible for 18.76% amounting to 89,124 vehicles; the brand's best performance, placing them second overall behind Toyota which was responsible for 45.41% of the market.