December 19, 2024 | 12:00am
MANILA, Philippines — Toyota Group expects its automotive parts export sales from the Philippines to reach $1.21 billion by the end of this year.
This is expected to grow to $1.28 billion next year, Toyota Motor Philippines Corp. (TMP) president Masando Hashimoto said on a statement.
Last year, exports of the Toyota Group reached $1.26 billion, accounting for 30 percent of total Philippine automotive parts exports.
TMP and Toyota Group export suppliers recently met with the Philippine Economic Zone Authority to update the agency on the export performance.
Parts exported by Toyota Group are produced by 13 export suppliers.
The majority of exports are handled by Toyota Motor Philippines Logistics Inc. (TLI), which serves as the warehousing and logistics arm of TMP.
TMP established TLI to strengthen indirect parts exports.
Earlier, Richard Valdez, first vice president for purchasing division at TMP said TLI’s export operations provide opportunities to TMP suppliers who would otherwise have difficulty exporting directly on their own.
TLI exports automotive parts to over 31 destinations in five continents.
In 2023, TLI’s top export destinations were Thailand, South Africa, Brazil, Taiwan and India.
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