Toyota Motor Corp. (TMC) announced a P4.4 billion investment for the manufacture of the next-generation of the iconic multi-purpose vehicle Tamaraw in the Philippines starting next year.

TMC Chairman Akio Toyoda revealed the new project, which was first discussed during President Ferdinand R. Marcos Jr.'s state visit to Japan last February, at the 35th anniversary celebration of Toyota Motor Philippines (TMP) on Tuesday, Aug. 22, at the Grand Hyatt in Taguig.

At the event, graced by First Lady Louise Araneta-Marcos, Japan Ambassador Kazuhiko Koshikawa, other Philippine government officials, and local suppliers and dealers, Toyoda presented the next-generation Tamaraw Concept, the Pace Car Pick-up, and Modern PUV Jeepney variants. Production of the new Tamaraw is expected to start in 2024 at its assembly plant in Sta. Rosa, Laguna.

"I truly believe these are products that can enhance the quality of life for many people and provide new economic opportunities. Because at Toyota we believe people come first. We believe in building cars to serve the real-life needs of our customers," said Toyoda in a speech citing the Tamaraw as part of its Innovative International Multi-purpose Vehicle (IMV) concept.

The next-gen Tamaraw, a reminiscent of the popular Tamaraw FX used as a passenger vehicle, is expected to “win the hearts of the Filipinos” again and help Filipino entrepreneurs. 

TMC Chief Branding Officer Simon Humphries and TDEM Regional Chief Engineer Jurachart Jongusuk said the idea is to produce a customizable cargo-based car that can be built for different types of work depending on the customer’s needs and can be converted into a food or flower truck.

The next-gen Tamaraw provides a bodybuilder’s guide to serve as a reference for auto parts suppliers. It features “beauty and functionality” in one model.

TMP vowed to make the new Tamaraw models affordable and accessible so people can use it to grow their business and bring more opportunities.

In a separate interview with reporters at the event, TMP First Vice President Rommel Gutierrez said they will be needing government’s incentives for the production of the new IMV concepts. He said that TMP is open for discussion with the Department of Trade and Industry the details of the company’s new investments.

He also said that local and regional sourcing of components is likely to be utilized for its production.

The target markets for these units will be the micro-, small, and medium-sized enterprises (MSMEs). Gutierrez also assumed the production of these units would start by the third quarter of 2024. Price range has yet to be finalized.

In 2008, Toyota increased the production of IMV Transmissions in the Philippines because of its production record of over 6.5 million transmissions at an export value of $2.9 billion dollars, equivalent to 200,000 CBU vehicles.

Toyoda, who admitted that the first thing he did as soon as he arrived in the country was to dine at Jollibee, Philippines's most successful fastfood chain, said that the production of transmissions and parts exports has allowed Toyota to be successful in the Philippines. 

He said that producing Tamaraw in the country would be able to develop local automotive industry with the help of other Japanese investors to increase economic opportunities in the country.

He was grateful for the Philippine government's support to achieve its 35th year milestone and to President Marcos, who visited the Santa Rosa Plant in Laguna earlier Tuesday. He also cited how the Philippines contributed to Toyota’s sales volume, being its 10th biggest market globally, likening it to the popularity of basketball and BTS in the country. 

The Toyota IMV-0 concept was revealed in Thailand back in December 2023 by Chairman Toyoda. In February 2023, TMP President Atsuhiro Okamoto announced the return of the Tamaraw concept in the Philippines.

For his part, TMP Chairman Alfred V. Ty expressed his heartfelt thanks to everyone who took part in the success of Toyota over the past 35 years.

Since 2000, TMP and the Toyota Group have gained P73.7 billion cumulative investment, P448 billion worth of paid taxes and duties, while $18.76 billion worth of auto parts and components have been exported since 1997.

“Thirty-five years ago, we established Toyota Motor Philippines, a company wholly committed to improving the lives of Filipinos through the business of manufacturing and selling automobiles. Many things have changed since then, but the philosophy established by our founders, Dr. Shoichiro Toyoda and Dr. George Ty, of number one quality in all aspects, number one in customer service will always remain the same,” said Ty. 

From then on, TMP has provided mobility for all Filipinos while supporting local manufacturing through its partnership with parts makers, other industry players, and the government, as well as consistently transitioning into a mobility company that adapts to modern technology and software.

"From a start-up team of about 20 people, TMP is now close to 4,000-strong. As of mid-year 2023, we have locally produced 1.03 million units, delivered a cumulative total of 2.24 million units to Filipino homes all across the country," said Ty. 

The Ty Group’s partnership with Toyota in the Philippines began in 1988 through the late Metrobank Group and TMP Founding Chairman Dr. George S.K. Ty and Toyota Motor Corporation President Dr. Shoichiro Toyoda. (Ma. Joselie C. Garcia)