Home Toyota invests P1.1 billion for PUV modernization program in PH 

Toyota invests P1.1 billion for PUV modernization program in PH 

toyota invests p1 1 billion for puv modernization program in ph 1

MANILA, Philippines – According to Malacañang, Toyota committed to a P1.1-billion investment to contribute to the Philippine government’s public utility vehicle (PUV) modernization initiative.

In addition to the previously announced commitment of P4.4 billion during President Marcos’ February visit to Tokyo, Toyota has pledged an additional P1.1 billion.

During a roundtable discussion with the Japanese business community in Tokyo this month, Toyota Executive Vice President Yoichi Miyazaki provided President Marcos with an update on the company’s previous investment commitment.

“We have completed an investment of P1.3 billion out of P4.4 billion. We are committing an additional Php 1.1 billion for … as a modern jeepney, bringing the total investment to P5.5 billion,” Yoichi said.

“The Tamaraw symbolizes our desire to contribute to the Philippine economy where we develop it to be a game changer in the field of mobility service. We look forward to your continued support in creating the adoption of the program,” he added.

According to an interview with Okamoto Atsuhiro, the president of Toyota Motor Philippines Corporation (TMPC), the updated iteration of the iconic 90s model will feature improved environmental credentials, enhanced engine performance, and there’s even a possibility of it being offered as an electric vehicle.

“We were committed to investing the P4.4 billion for a light commercial vehicle  LCV, called the Toyota IMV 0 Project. It’s the new generation Tamaraw project; we will enter this in the IMV 0 in the near future,” Okamoto said. 

“Basically FR, but the same as the current Hilux, essentially the same structure. Diesel, primarily a diesel engine. Cleaner engine, clean diesel,” he added.

President Marcos expressed his approval and enthusiasm for the return of the Toyota Tamaraw, acknowledging its historical role as a reliable utility transport for Filipinos over the years.

“Many of the Tamaraws you’ve recently built are still on the road,” the President said.

The President highlighted that the Tamaraw brand has been a longstanding presence in the Philippines and is familiar to both the local and broader Asian market for decades.

“We have always been appreciative, especially in the involvement of Toyota in the Philippines over so many years, and I think the mutual experience between Toyota and the Philippine and the local markets has been a good one, and the partnership we can look to as a success,” Marcos said.

“It is very interesting to hear your new plans for the Philippines, and it’s very much in alignment with what we’re trying to do… we are hoping we are able to improve the situation for your supplier to be able to come into the ease of doing business,” he added.

Sources: (1),(2)

Also Read: LTFRB allows non-consolidated Jeepney to operate until January 31

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