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Manila Bulletin devider Business devider Trade & Industry devider Toyota eyes 3 million Philippines sales milestone as market recovers

Toyota eyes 3 million Philippines sales milestone as market recovers

Published Aug 5, 2026 06:43 pm
The country’s leading automotive firm Toyota Motor Philippines Corp. (TMP) is on track to reach the three-million sales milestone later this year, as consumer demand remains robust despite elevated fuel prices in recent months.
If market conditions continue to improve, TMP President Masando Hashimoto said the company would achieve its three-millionth cumulative vehicle sale before the end of the year.
Under this projection, TMP would be able to sell one million units in just over four years, its fastest pace yet in terms of vehicle sales.
It took the company seven years to hit its second-million milestone and 27 years to reach its first million after it started operations in the country in 1988.
While demand softened this year due to the recent surge in fuel prices, TMP said business has picked up once again as prices gradually ease despite the continued unpredictability in the Middle East.
“While oil prices and supply chain pressures remain volatile, we are seeing encouraging signs of market recovery, and we are steadily rebuilding our sales momentum,” said Hashimoto.
Based on industry data, TMP’s sales declined by 9.3 percent to 100,909 units in the first half, from 111,276 units in the same period a year ago.
Despite this, TMP managed to widen its market share to 49.33 percent from 48.19 percent a year ago.
At present, the Philippines is the third-largest market in Southeast Asia for Japanese automotive giant Toyota. Globally, the country is the company’s 10th-largest market.
To meet renewed demand for its vehicles, Hashimoto said the company is ready to respond with better supply for its high-demand models.
“Now, success depends on execution,” he emphasized.
Backed by a record-high workforce of over 4,500, TMP has already produced more than 1.21 million units of completely knocked down (CKD) models at its manufacturing plant in Santa Rosa, Laguna.
TMP produces the Vios, Innova, and Tamaraw models in the country.
Last June, TMP Executive Vice President Jose Maria Atienza said the company is ready to produce more Tamaraw models in the country if the government sets up a performance-based incentive system for fuel-powered cars.
Since then, the government has been working on the guidelines for the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program, which would have an incentive package worth ₱9 billion.
TMP said in a statement that the RACE program, together with the Electric Vehicle Industry Strategy (EVIS) program, would generate broad economic benefits beyond the automotive sector.
“This is a significant milestone for the entire automotive industry, serving as a catalyst to attract investments and empower parts manufacturers to expand and boost their overall competitiveness across all powertrain technologies,” the company said. 

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