Driving Progress: Toyota’s Exports Soar, New Tamaraw Set to Boost Local Industry
Toyota Motor Philippines (TMP) and its export suppliers reported a USD1.2 billion export contribution in 2024 to PEZA, maintaining a 30% share of Philippine OEM parts. While facing global trade challenges, particularly potential US tariffs, PEZA assured minimal impact. Domestically, TMP saw an 8% industry sales growth, capturing a 46% market share with 218,000 units sold. TMP plans to enroll its new Next Generation Tamaraw, a PHP5.5 billion investment, in the upcoming RACE Program, anticipating significant local supply chain boost and continued industry growth.
–Diana Lyn A | Traffic Network PH
Toyota Group reports steady performance to PEZA, shares suppliers’ anticipation for new auto program
OFFICIAL RELEASE: Toyota Motor Philippines | PUBLISHER: ADVAI
Toyota Motor Philippines Corporation (TMP), together with key members of the Toyota Group export suppliers, recently presented a comprehensive report to the Philippine Economic Zone Authority (PEZA) during the 26 th Toyota Special Economic Zone (TSEZ) Update Meeting held in June 2025 in Parañaque City.
TMP president Masando Hashimoto reported that Toyota Group export suppliers significantly contributed USD1.2 billion in export revenues in 2024, maintaining 30% share of total Philippine exports of Original Engineering Manufacturing (OEM) parts and components.
Despite the steady performance, the Group acknowledged the challenges in international business as some exporters feel the strain from the evolving global trade environment. Some suppliers noted that the proposed reciprocal tariffs by the United States (US) could dampen export demand and complicate long- term planning.
PEZA director general (DG) Tereso Panga assured that the impact of the US tariff on the Philippines will be minimal as the effect will vary on each country’s level of trade exposure to the US market.
“In the case of the Philippines, because we are not a heavy exporter to the US, we will be among those least affected especially with the reciprocal tariff. Assuming the earlier announced tariff would be maintained by the US government, this is something favorable to us, because we happen to have a lower tariff compared to other economies in the ASEAN region,” said Panga.
On the domestic front, Hashimoto cited the 8% growth of the industry sales with 474,000 vehicles sold in 2024. TMP played a significant role in the market, capturing 46% share with an all-time high 218,000-unit sales.
Hashimoto also underscored TMP’s production milestone with the successful launch of its third Completely-Knocked Down (CKD) model, the Next Generation Tamaraw.
On this note, TMP bared to PEZA DG Panga the Company’s plan to apply the Tamaraw model to the Revitalizing Automotive Industry for Competitiveness Enhancement (RACE) Program, saying that it is waiting for the Joint Administrative Order (JAO) by the Department of Trade and Industry, Department of Finance, and Department of Budget and Management. The JAO shall outline the rules and guidelines for participation in the RACE Program.
The Company also expressed that the Toyota Supplier Network welcomes and anticipates RACE as it recognizes the program as a critical catalyst in parts localization and the broader industry growth to sustain the previous capability gains from the Comprehensive Automotive Resurgence Strategy (CARS) Program.
TMP reported that the Tamaraw local production has significantly boosted local supply chains, engaging 44 Tier 1 suppliers and integrating 14 Tier 2 suppliers. TMP’s investments amount to PHP5.5 billion while the Toyota Supplier Network has earlier shared plans to inject PHP500 million for plant capacity expansion, anticipating the success of such light commercial vehicle model in the domestic market.
PEZA DG Panga, for his part, acknowledged TMP’s support to the Philippine government’s “Tatak Pinoy” Strategy through the Toyota Tamaraw, seeing it as crucial for enhancing automotive manufacturing and empowering local industries.
Elevate your digital journeys in tech-driven mobility with Traffic Network PH powered by Toyota Motor Philippines.
