Mitsubishi Motors Philippines Corporation (MMPC) held a groundbreaking ceremony for the construction of its P2 billion stamping shop facility in Laguna. The construction of the said facility is in line with MMPC’s participation in the Comprehensive Automotive Resurgence Strategy (CARS) program.
As a review, the Department of Trade and Industry’s Board of Investments had issued a certificate of registration to MMPC as an approved participant in the CARS program.
The CARS program intends to spur local vehicle manufacturing and to expand the country’s vehicle parts making capabilities. It aims to attract P27 billion worth of new investments, manufacture an additional 600,000 vehicle units, and contribute P300-billion or 1.7% of the country’s GDP (gross domestic product).
MMPC added that the stamping shop facility would improve the company’s capacity to produce large vehicle body parts, which would bring down the costs of importing completely-knocked-down (CKD) parts.
The P2billion stamping shop facility is part of MMPC’s P4.3 billion investment for its participation in the CARS program. The company said that it would be fully operational in early 2018.
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