Policy Delay Has Japanese Carmakers Reviewing Philippines Expansion Plans
Top Japanese automakers in the Philippines are threatening to shift production to cheaper Southeast Asian countries as the government drags its feet on a plan to rebuild its shrinking car manufacturing industry. The potential pullout of production lines by Toyota Motor Corp and Mitsubishi Motors, which have a combined 50,000 vehicle annual capacity in the country, would mean the Philippines could lose more than 1,000 jobs and millions of dollars worth of planned and existing investments. Time is running out, industry officials say, because there’s less than two years left in the term of President Benigno Aquino, who has been backing the plan.
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