Mitusbishi to invest P4.3 billion in Philippines

ABS-CBN News

Posted at Jun 16 2016 05:25 PM

MANILA - Mitsubishi Motors Philippines said Thursday it would invest P4.3 billion on a new production line for its Mirage compact model.

The Japanese automaker said it secured the trade department's approval for the investment, under the government's Comprehensive Automotive Resurgence Strategy (CARS).

The company plans to add an extra work shift to boost production, Mitsubishi Motor Philippines president Yoshiaki Kato said in a statement.

Earlier this week, the government said Toyota Motor Corp. was investing an additional P3.22 billion to boost production, aided by the CARS program.