TOYOTA MOTOR PHILIPPINES CORPORATION OPENS FOR BUSINESS

Toyota City―Opening ceremonies were held this morning in Manila for Toyota Motor Philippines Corporation (TMP), the new production base in that country for TOYOTA MOTOR CORPORATION (TMC). Toyota is reentering the Philippine market after a five-year absence.

TMP, a joint venture between the Metro Bank Group of the Philippines (60%), Mitsui & Co., Ltd. of Japan (15%) and Toyota (25%), was established in August of 1988 with an initial capital of 220 million pesos. Located in Manila, the new company began semi-knocked down kit (SKD) assembly of the Crown, Corolla and Liteace this January and is scheduled to move to completely knocked down kit (CKD) assembly once plant preparations are completed in October. During the initial SKD production phase, TMP will build a total of 4,500 vehicles, with the Corolla accounting for 2,800 units and the Crown and Liteace, 950 and 750, respectively. The three models are initially being offered through Toyota dealers in the Manila area.

TMP was established in response to rapidly rising demand in the Philippines for Toyota vehicles. Toyota hopes that TMP will become an active contributor to Philippine society as well as the country's economy through the creation of job opportunities and the transfer of technology to the growing parts industry there. The new company currently employs 136.

Guests at today's ceremony included Doha Aurora Aquino and Secretary of Trade and Industry Jose Concepcion from the Philippine government. Representing Toyota were TMP Chairman George S. K. Ty from the Philippines and TMC Chairman Eiji Toyoda from Japan.