MANILA - Toyota Motor Philippines Corp., a unit of Toyota Motor Corp., said on Friday it would pump in 3.34 billion pesos ($63 million) to upgrade its main manufacturing facility in the country.
This comes on the heels of Toyota's announcement earlier this week that its global output had risen 8.1 percent in April from a year earlier.
Toyota Philippines President Nobuharu Tabata said in a statement the group would invest 1.65 billion pesos to expand its production lines and construct a factory to assemble cars locally, as well as a service center and employee facilities in Laguna province south of Manila. The group's subsidiary, Toyota Autoparts Philippines, would inject 1.01 billion pesos for an export project to Japan.
Other subsidiaries would invest a total of 679 million pesos in an expansion project to meet domestic and export demand.
The Toyota group expects total exports to reach $418 million by 2005 from last year's $305 million.
The group plans to export autoparts to Thailand, Taiwan, Indonesia, India, Vietnam, Pakistan, South Africa and Japan.