TOKYO, Oct 26, 2016 - (JCN Newswire) - Mitsubishi Motors Corporation (MMC) signed a Letter of Intent (LOI) today at a meeting in Tokyo with Philippine government dignitaries, including President Rodrigo Duterte in attendance. The LOI with the Philippines' Department of Trade and Industry (DTI) reinforces the commitment to further contribute to the Philippine economy through expansion of local production.
In June, Mitsubishi Motors Philippines Corporation(1) (MMPC) received approval to participate in the Philippine government's Comprehensive Automotive Resurgence Strategy (CARS) Program(2), adopted under then-president Benigno Aquino III. The LOI reconfirms both parties' commitment regarding the CARS Program and contribution to the Philippine automobile industry under the Duterte administration. MMPC will participate in the CARS Program through local production of the Mirage(3) and Mirage G4(4) subcompact models starting in January 2017.
Signing the LOI at the meeting MMC Chairman of the Board, President and CEO Mr. Osamu Masuko stressed the commitment towards the Philippines: "Receiving approval to participate in the CARS Program from the DTI affirms the over 50 years of contribution to the development of the Philippine automobile industry. It is my hope that MMPC not only promotes employment in the Philippines but also contributes to the overall development of the economy."
(1) The sole manufacturer and distributor of MMC in the Philippines.
(2) A government initiative aimed at growing the automobile industry in the Philippines. For more information please visit http://industry.gov.ph/cars-program/
(3) Space Star in some countries.
(4) Attrage in some countries.
About Mitsubishi Motors
Mitsubishi Motors Corporation is the fifth largest automaker in Japan and the fifteenth largest in the world by global unit sales. It is part of the Mitsubishi keiretsu, formerly the biggest industrial group in Japan, and was formed in 1970 from the automotive division of Mitsubishi Heavy Industries.
Throughout its history it has courted alliances with foreign partners, a strategy pioneered by their first president Tomio Kubo to encourage expansion, and continued by his successors. A significant stake was sold to Chrysler Corporation in 1971 which it held for 22 years, while DaimlerChrysler was a controlling shareholder between 2000 and 2005. Long term joint manufacturing and technology licencing deals with the Hyundai Motor Company in South Korea and Proton in Malaysia were also forged, while in Europe the company co-owned the largest automobile manufacturing plant in the Netherlands with Volvo for ten years in the 1990s, before taking sole ownership in 2001.
Public Relations Department
Oct 26, 2016 14:37 HKT/SGT
Source: Mitsubishi Motors
Topic: Press release summary
From the Asia Corporate News Network
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