At the same time, Pantaleon assured, Toyota is also committed to developing the supporting industries which are auto parts and components manufacturing.
Towards this second goal, Pantaleon said, TMPI, Toyota Autoparts, Fujitsu 10, Philippine Auto Components and Toyota Boshoku are taking part in the Employers Confederation of the Philippines’ (ECOP) program for small and medium enterprises productivity and competence.
Pantaleon pointed out that Toyota’s auto parts production continues to post strong growth following the success of its IMV (innovative motor vehicle) program.
From January to June this year, Pantaleon said, Toyota Autoparts has been able to export $231 million worth of Philippine-made auto parts and is very optimistic of hitting its full 2005 export target of $451 million.
However, Pantaleon expressed some hesitance over bringing over its hybrid motor vehicles.
Although he acknowledged that bringing over the hybrid motor vehicles may be a possibility, Toyota would only consider it if there is indeed a market for such vehicles.
"It’s a good option, if there is a market since Toyota has the product already," Pantaleon said.
However, just like Honda which had expressed interest in importing hybrid vehicles into the Philippines, Pantaleon said that "production is a big question."
Pantaleon explained that because of the big cost of production preparation, Toyota would have to carefully weigh if there is indeed a market for such vehicles in the Philippines.