Business and Economy
Mitsubishi opens P2.8-B biggest stamping shop in PH
Mitsubishi Motors Philippines Corp. (MMPC) opened Thursday its PHP2.8-billion stamping shop here, the biggest stamping facility in the country. (Photo: Mitsubishi Motors Philippines Corporation/Facebook)
SANTA ROSA, Laguna — Mitsubishi Motors Philippines Corp. (MMPC) opened Thursday its PHP2.8-billion stamping shop here, the biggest stamping facility in the country.
The facility is part of the MMPC’s commitment as a participating car maker under the government’s Comprehensive Automotive Resurgence Strategy (CARS) Program, which aims to stimulate investments and the local production of automotive vehicles.
The new stamping shop has raised the local content in producing Mirage hatchback and Mirage G4 sedan up to 35 percent.
The company said it would further increase the manufacturing of local parts here to comply with the CARS Program’s requirement of at least 50-percent local content.
“This (CARS Program) became an avenue for MMPC to invest on its own stamping facility that will help place the country as one of the production hubs in the ASEAN region,” MMPC President and Chief Executive Officer Mutsuhiro Oshikiri said.
The facility has a production capacity of 35,000 units in two shifts annually. The stamping shop does blanking, draw forming, trimming, flanging, and piercing.
Trade Secretary Ramon Lopez said the CARS Program has helped attract new investments, create new jobs, and revitalize the country’s automotive industry.
Lopez noted that MMPC hiked its initial capital expenditure of PHP4.32 billion in June 2016 to PHP5.74 billion in September 2017.
“Mitsubishi Philippines has PHP1.6 billion in its FIS (Fixed Investment Support) allocation that can be used to support as much as PHP4-billion worth of possible incremental investments in more strategic and common parts. Many of these parts were earlier identified in Mitsubishi Philippines’ original CARS business plan for Stage 2 and 3 localization,” he added.
Meanwhile, MMPC First Vice President Dante Santos said the company submitted its reportorial obligations to the DTI for the car maker to avail of the FIS under the CARS Program.
This will be reviewed by CARS Program’s Inter-Agency Committee in their meeting on February 27.
