The Board of Investments said Toyota’s and Mitsubishi’s commitments would create some 14,000 new jobs and generate some P8 billion in salaries and wages. The automotive parts makers that would be working with the two firms, meanwhile, were expected to generate over P18 billion in fresh investments for the country.

The BOI also expected total government revenues under the highly ambitious CARS Programme to reach 408 billion peso in terms of import duties and taxes, while the direct purchases of raw materials for automotive parts making were seen to hit P63 billion.

On Wednesday, the BOI formally announced the approval of applications by Toyota and Mitsubishi.

Mitsubishi has applied to produce 200,000 units of the Mirage/Mirage G4 while Toyota applied for the production of 230,000 units of an all-new (full model change) Vios. As participating car makers, they were required to localise the production of body shells and large plastic parts and components.

Large body parts and components are currently imported, rendering local vehicle manufacturing uncompetitive.