Toyota Motor Philippines (TMP) and its suppliers reported USD 1.2 billion in exports in 2024, accounting for 30% of the country’s OEM parts exports. Despite global trade concerns, including possible U.S. tariffs, PEZA assured minimal impact on the Philippines due to its lower exposure.
Domestically, the auto industry grew 8% to 474,000 units sold, with TMP capturing a 46% market share (218,000 units). TMP also launched its third CKD model, the Next Generation Tamaraw, produced locally with PHP 5.5 billion (USD 94 million) in investments and support from 44 Tier 1 and 14 Tier 2 suppliers.
The Tamaraw is set to participate in the government’s upcoming RACE Program, aimed at boosting parts localization and building on the gains of the CARS Program. Suppliers have committed an additional PHP 500 million (USD 8.5 million) to expand capacity, underscoring confidence in the model’s domestic success.
(Source: Manila Times)
