Mitsubishi Motors Philippines Corp. (MMPC) is investing over half a billion pesos at the Greenfield Automotive Park (GAP) Special Economic Zone (SEZ) in Laguna to manufacture a van model for exports to ASEAN countries.
Philippine Economic Zone Authority (PEZA) Director General Charito B. Plaza said the agency has already approved the registration of MMPC on April 5.
MMPC President and CEO Takeshi Hara signed the Registration Agreement (RA) with PEZA as an ecozone export enterprise at the GAP-SEZ in Sta. Rosa, Laguna.
Under the RA, MMPC is investing P585 million for its additional activity as manufacturer of motor vehicle -- L300 Right Hand Drive. It will also import materials, machinery, equipment, tools, goods, wares, articles, or merchandise for direct use in its registered operations at the GAP-SEZ.
Plaza said MMPC started commercial operations in January this year and mass production by next week. The Japanese-owned car giant has also committed to start export in the third week of May this year to ASEAN countries.
Accompanying MMPC President and CEO Hara during the signing were MMPC Executive Vice President of Corporate Division Takehisa Usami and MMPC Vice President of Legal and Government Affairs Atty. Imelda M. Abadilla-Brown.
Currently, MMPC produces Mirage, Mirage G4 and Mitsubishi L-300 left-hand drive at the GAP-SEZ.
The Mirage car is MMPC’s enrolled model in the government’s Comprehensive Automotive Resurgence Strategy (CARS) program where it invested P4.3 billion for assembly and parts localization. Under the incentives-driven CARS, a participant is required to produce 200,000 units of its enrolled units over a 6-year period.
The production of Mirage in the Philippines was expected to benefit 31 local businesses which were awarded to supply a total of 255 parts for the car.