MITSUBISHI MOTORS Philippines Corporation (MMPC) on Thursday inaugurated its P2 billion stamping shop in Santa Rosa, Laguna, as it ramps up production of the Mirage hatchback and Mirage G4 sedan in the country.
In a statement, MMPC said the stamping shop is expected to produce 35,000 units annually in two shifts. Stamping refers to the process of molding a flat metal sheet to be used as a body part for cars.
The Mirage and Mirage G4 are two registered models under the Department of Trade and Industry’s Comprehensive Automotive Resurgence Strategy (CARS) program. MMPC was the first car manufacturer to join the CARS program, targeting to produce 200,000 Mirage and Mirage G4 units by 2023.
“This stamping shop enables us to turn the aspiration of localized production into a reality, further building our presence in the Philippines, at the same time as strengthening our offering to consumers,” MMPC President and CEO Mutsuhiro Oshikiri was quoted as saying in the statement.
MMPC previously inaugurated its Santa Rosa plant in 2015.
Trade Secretary Ramon M. Lopez in a text message to reporters said the stamping plant brings MMPC’s local content closer to 50%.
At present, MMPC reportedly reached 35% in local content production for its Mirage model.
“[This is] leading us closer to generating capacities that will prepare us for the future plans to make the Philippines as the hub of car manufacturing of 1 million [units] a year by 2027 for local and export demand,” Mr. Lopez said.
MMPC has invested P4.3 billion for the CARS program, where it pledged to locally produce the two Mirage models.
The CARS program grants two kinds of fiscal support to the selected car companies who will locally build or assemble units to revive the local vehicle manufacturing industry and in the future, develop an automotive hub in the Philippines.
According to data released by the Chamber of Automotive Manufacturers of the Philippines, Inc. and by the Truck Manufacturers Association, MMPC sold 73,590 units in 2017, accounting for a 17.29% share of the domestic market. — A.G.A. Mogato
