Toyota invests $78m in Philippines plant to produce 2 new models

Automaker targets growing economy with vehicles geared toward emerging markets

Toyota Motor unveiled new models for the Philippine market at an Aug. 22 event marking the 35th anniversary of its local subsidiary. © Reuters

TAKAYUKI YAO, Nikkei staff writer

August 23, 2023 00:23 JST

NAGOYA, Japan -- Toyota Motor is boosting investment in the Philippines by 4.4 billion pesos ($78.2 million) to develop two new models designed for emerging markets, the Japanese automaker said on Tuesday, as it anticipates strong growth in Southeast Asia.

"I truly believe there is enormous potential for growth here, from both a business and technology standpoint," Toyota Chairman Akio Toyoda said at a ceremony in Manila to commemorate the 35th anniversary of the founding of local subsidiary Toyota Motor Philippines.