MANILA - Toyota Motor Philippines Corp and its suppliers are investing an additional P3.26 billion in support of the government's plan to revive the vehicle manufacturing industry, the Board of Investments said Friday.
Toyota will invest P1.98 billion, including P1.22 billion for the production of body shells and P766.5 million for large plastics, the BOI said in a statement.
The BOI said it approved investments for 4 parts makers for the Vios sedan under its Comprehensive Automotive Resurgence Strategy or CARS program.
This includes P94.5 million and P495.9 million for Valerie Product manufacturing Inc and Technol Eight Phils. Corp for body shell parts and P520 million for Manly Plastics Inc and Toyota Boshoku Phils.
Corp for body shell and large plastics.