Japanese carmaker Toyota Motor Corp. has announced an additional investment pledge of P1.1 billion to support the Philippine government’s public utility vehicle (PUV) modernization program. This commitment comes on top of the previous P4.4 billion investment made by Toyota during President Ferdinand Marcos Jr.’s visit to Japan in February.
The PUV Modernization Program, which was initiated in 2017, aims to replace outdated jeepneys with vehicles that have Euro 4-compliant engines, reducing pollution and ensuring roadworthy standards set by the Land Transportation Office. Toyota’s investment will play a significant role in advancing this program and promoting sustainable mobility solutions in the country.
During a recent roundtable discussion with the Japanese business community in Tokyo, Toyota Executive Vice President Yoichi Miyazaki provided an update to President Marcos regarding the company’s investment pledge. Miyazaki announced that Toyota has already invested P1.3 billion out of the total P4.4 billion commitment and is now pledging an additional P1.1 billion, bringing the total investment to P5.5 billion.
Miyazaki emphasized Toyota’s commitment to supporting the Philippine economy and the PUV modernization program. He stated, “The Tamaraw symbolizes our desire to contribute to the Philippine economy and develop it as a game changer in the field of mobility service. We look forward to your continued support in promoting the adoption of this program.”
Toyota Motor Philippines Corp. President Okamoto Atsuhiro also shared insights into the company’s plans for the new version of the iconic Tamaraw. He highlighted that the new model will feature a cleaner and more efficient engine, and there is even a possibility of an electric vehicle variant. Atsuhiro expressed Toyota’s dedication to investing the P4.4 billion in the Toyota IMV 0 Project, which focuses on developing a new generation Tamaraw for the IMV 0 category.
President Marcos expressed his appreciation for Toyota’s investment and the Tamaraw brand’s longstanding presence in the Philippines. He acknowledged the Tamaraw’s reliability as a utility transport vehicle and praised the fact that many Tamaraws built in the past are still in use today. The Tamaraw has become synonymous with dependable transportation in the country, with a legacy that spans several decades.
Toyota’s history in the Philippines dates back to 1976 when the carmaker introduced the Tamaraw pickup. At that time, Toyota faced challenges due to protectionist tariffs imposed by the United States on their vehicles. However, the Tamaraw’s success in Southeast Asia led to the creation of a new vehicle category known as the Asian utility vehicle, with Toyota playing a pivotal role in shaping this segment.
Toyota’s continued investment in the PUV modernization program demonstrates the company’s commitment to sustainable mobility solutions and supporting the Philippine government’s efforts to improve public transportation. With the additional P1.1 billion pledge, Toyota aims to contribute to the country’s economic growth and create a positive impact on the field of mobility services.
As the PUV modernization program progresses, the partnership between Toyota and the Philippine government will play a crucial role in transforming the public transportation landscape and promoting a greener and more efficient future for the country.
Source: The Manila Times
