Japanese carmaker Toyota made a P1.1-billion investment pledge to support the Philippine government's public utility vehicle (PUV) modernization program, Malacañang said.

This is on top of its prior commitment of P4.4 billion that it announced during President Marcos' visit to Tokyo in February this year.

In a roundtable discussion with the Japanese business community in Tokyo this month, Toyota Executive Vice President Yoichi Miyazaki updated President Marcos about the company's earlier investment pledge.

"We have completed investment of P1.3 billion out of P4.4 billion. We are committing an additional PhP1.1 billion for … as a modern jeepney, bringing the total investment to P5.5 billion," Yoichi said.

"The Tamaraw symbolizes our desire to contribute to the Philippine economy where we develop it to be a game changer in the field of mobility service. We look forward to your continued support in creating the adoption of the – program," he added.

In an interview with Toyota Motor Philippines Corporation (TMPC) president Okamoto Atsuhiro, the new version of the famous 90s icon will be cleaner and have a better engine— and may even come as an electric vehicle.

"We were committed to investing the P4.4 billion for a light commercial vehicle — LCV, called the Toyota IMV 0 Project. It's the new generation Tamaraw project; we will enter this in the IMV 0 in the near future," he said on the sidelines of a send-off dinner Toyota hosted for members of the Philippine delegation.

"Basically FR, but the same as the current HiLux, basically the same structure. Diesel, basically diesel engine Cleaner engine, clean diesel," he added.

President Marcos welcomed the Toyota Tamaraw's comeback, saying it had been a dependable utility transport for many years for Filipinos.

"Many of the Tamaraws you've recently built are still on the road," he said, describing the model as a "workhorse."

The President noted that the Tamaraw brand has been known in the Philippines for decades and is not new to the Philippines or the Asian market.

"We have always been appreciative, especially in the involvement of Toyota in the Philippines over so many years, and I think the mutual experience between Toyota and the Philippine and the local markets has been a good one, and the partnership we can look to as a success," Marcos pointed out.

"It is very interesting to hear your new plans for the Philippines, and it's very much in alignment with what we're trying to do... we are hoping we are able to improve the situation for your supplier to be able to come into the ease of doing business," he told the Toyota executives.