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TOKYO, Mar 10, 2016 - (JCN Newswire) - Mitsubishi Motors Corporation (MMC) today announced its decision to participate in the CARS Program (Comprehensive Automotive Resurgence Strategy Program) in the Philippines(1).
Upon approval for joining the CARS Program, MMC will expand its local production operation in the Philippines by starting production of the Mirage and Mirage G4 (or Attrage in some markets) from the beginning of 2017 at Mitsubishi Motors Philippines Corporation's(MMPC)(2) Santa Rosa plant(3).
Along with initiating production of the two models, MMC plans an initial investment at MMPC of over 4.3 billion PHP (approx. 10.4 billion JPY) which includes investment on a new stamping plant. MMC will then further expand investment as well as employment at MMPC in line with production capacity expansion.
At a press conference held in Manila, Mr. Osamu Masuko, Chairman & CEO of MMC touched on the significance of the move: "Mitsubishi Motors has been engaged in production and sales business in the Philippines for over 50 years. The Philippines is one of the most important markets for us. It is indeed a great pleasure for Mitsubishi Motors to be able to contribute to the automotive industry of the Philippines facing a new development phase and also further make contribution to the economic growth of the Philippines even in the slightest terms."
(1) For more information please visit http://industry.gov.ph/cars-program/
(2) MMC's exclusive producer and distributor in the Philippines. http://www.mmpc.ph/
(3) Located in Santa Rosa, Laguna Province. Operations began in January 2015.
Contact:
Public Relations Department
http://www.mitsubishi-motors.com
+81-3-6852-4275
Topic: Press release summary
Source: Mitsubishi Motors
Sectors: Automotive
http://www.acnnewswire.com
From the Asia Corporate News Network
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