MITSUBISHI Motors Philippines Corp. (MMPC) is looking to turn the country into an export hub as it prepares to locally produce hybrid vehicles, company chairman Noriaki Hirakata said Monday.
“As long as safety and emission regulations permit, we can export products made in the Philippines anywhere,” Hirakata said, citing the Middle East, Latin America, and Africa as potential markets.
Vehicle exports could also help improve the Philippines’ trade balance, he added.
MMPC currently does not export any of its locally produced models. Previous plans to export the L300 have been shelved, but Hirakata said the company is now more competitive and confident about pursuing overseas markets.
The automaker also wants to increase annual production capacity at its Philippine plant to 70,000 units from 50,000 as it expands its domestic business.
This year, MMPC is targeting a 20-percent share of the Philippine automotive market and 25 percent over the medium term. It seeks to grow sales across both higher-priced and more affordable vehicle segments.
Latest data from the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association showed MMPC had the country’s second-largest automotive market share at 17.76 percent.
Hirakata said the Philippines is Mitsubishi’s largest market outside Japan, underscoring the automaker’s long-term commitment to the country.
MMPC is targeting annual sales growth of 5 to 6 percent, supported by models such as the Xpander, Xforce, and Mirage.
The company earlier announced a P7-billion investment from parent firm Mitsubishi Motors Corp. for the local production of hybrid electric vehicles.
The investment comes as the government pushes to accelerate vehicle electrification. President Ferdinand Marcos Jr. has set a target for electric vehicles to account for half of the country’s vehicle fleet by 2040.
Marcos has also issued Executive Order 121 establishing the Electric Vehicle Incentive Strategy (EVIS), which provides incentives to encourage investments in EV manufacturing.
MMPC said it intends to apply for incentives under the program and is awaiting the issuance of its implementing rules and regulations.
Giselle Jordan
