TOYOTA ESTABLISHES JOINT VENTURE IN THE PHILIPPINES
FOR AUTOMOBILE PRODUCTION

Toyota City―TOYOTA MOTOR CORPORATION today announced the establishment of Toyota Motor Philippines Corporation, a joint venture company to produce automobiles in the Philippines.

Toyota hopes the new company can contribute to the Philippine economy through the creation of local employment opportunities and the transfer of automotive technologies which will promote further growth in the country's auto parts industry.

Toyota's partners in the new venture are a group led by the Metropolitan Bank and Trust Company of the Philippines which holds a 60% interest in the company, and Mitsui & Co., Ltd. of Japan which holds 15%. The remaining 25% is held by Toyota. Initial capital for Toyota Motor Philippines is 220 million pesos (approx. ¥1.3 billion). George S.K. Ty, chairman of Metropolitan Bank and Trust has been appointed chairman of the company and Masao Mitake of Toyota, its president.

The new company which is located in Manila, will initially produce Toyota's Crown and Corolla. An early production start-up date is hoped for, however at present has not yet been set. The company has also recently received approval from the Philippine government to produce commercial vehicles and is currently studying the best way to proceed.

Background to Establishment of the Joint Venture

December 7, 1987

• Car Development Program is announced in the Philippines.

February 8, 1988

• Toyota applies to the Board of Investment in the Department of Trade and Industry for a passenger car production license.

March 28, 1988

• Passenger car production license is approved.

May 4, 1988

• Toyota submits application for commercial vehicle production license.

May 12, 1988

• As a precondition for the production license, Toyota participates in open bidding to acquire the old DMC plant.

May 26, 1988

• Toyota wins the bid for the old DMC (Delta Motor Corp.) plant at 131 million pesos (approx. ¥780 million).

August 4, 1988

• Toyota Motor Philippines Corporation is established.