The Philippine Economic Zone Authority (PEZA) has reaffirmed its support for Toyota Motor Philippines Corporation (TMP) as the company unveiled its new Tamaraw model at the Toyota Sta. Rosa Special Economic Zone in Laguna. The new Tamaraw is expected to create over 500 direct jobs and support 15,090 spillover employment opportunities. The company has invested PhP1.1 billion in a new 1.5-hectare conversion facility, bringing its total committed investment to PhP5.5 billion. The new Tamaraw is the third locally produced model by Toyota in its 78-hectare ecozone in Laguna. The company’s Chairman, Alfred Ty, expressed pride in the Filipino workforce and the quality of Philippine-made products. The launch of the new product also supports the Department of Trade and Industry’s (DTI) micro, small, and medium enterprises (MSMEs) program and PEZA’s goal of integrating MSMEs in the ecozone value chain. The new Tamaraw is expected to be available in the market by January 2025, with a starting price capped below PhP800,000.
PH automotive industry receives strengthened backing from PEZA
by newsworm | Dec 7, 2024 | Automobile, Toyota