President Marcos welcomed Mitsubishi Motors Corp.'s (MMC) P7-billion investment plan in the Philippines in the next five years, saying this will create more jobs for Filipinos.

Marcos expressed his appreciation to MMC during Mitsubishi President and CEO Kato Takao's courtesy call to the President in Malacañan on Thursday, Feb. 6, to discuss the company's investment plan in the Philippines.

During their meeting, Kato said MMC's expansion plan includes adding a new production model at its Mitsubishi Motors Philippines Corp. (MMPC) plant in Laguna. Marcos welcomed this move as it would generate more jobs for Filipinos.

"The jobs that it will provide, that your investment will provide, are very important to us and certainly, vehicle manufacture is one of those," President Marcos said.

In a Facebook post, the President described Mitsubishi as a valuable partner in his administration's quest to boost the automotive industry.

"As a strong partner in our journey to strengthen the automotive industry and empower Filipino workers, we welcome Mitsbushi Motors Corporation's plans to expand operations in the country," he wrote.

"Mr. Takao Kato and I share the same goals of driving innovation, creating more jobs, and making sustainable transportation a reality for Filipinos," he added.

During the meeting, Marcos said that MMC will be included in the government's Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) Program, a new proposed version of the Comprehensive Automotive Resurgence Strategy (CARS) Program.

He hoped MMC's inclusion would help in its expansion plans.

For his part, Kato said the Philippines is MMC's most important investment in Southeast Asia, citing its good and stable economy.

"In the ASEAN, (the) Philippines is our number one market," Kato told the President.

MMC is a multinational automobile manufacturer founded in April 1970. It maintains production facilities in Japan, Thailand, Indonesia, Vietnam, China, Russia, and the Philippines.

MMPC, on the other hand, is a 100-percent wholly owned subsidiary of MMC, which began operations in 1963 as Chrysler Philippines Corp.. the assembler and distributor of Chrysler, Dodge, and Plymouth passenger cars.

MMPC's manufacturing plant is located in Santa Rosa, Laguna. Its annual production capacity is 50,000 units, but it has the potential to expand to 100,000 units.

As of November 2024, the motor vehicle industry sold 425,208 units, with MMPC cornering 19 percent of the domestic market but second only to Toyota with 46 percent.