Manila. The Philippine unit of Toyota Motor Corp is expecting an increase in its output by a 10th this year, catering to strong demand in one of the fastest growing automotive markets in Southeast Asia.
The country launched its $600-million automotive incentive program in 2015 to help boost its fledgling auto industry, raise production and catch up with regional rivals.
Toyota Philippines, the country's top car manufacturer and seller, assembles Vios and Innova models in its facility south of Manila and produced a record 55,028 vehicles last year.
"We are projecting at the minimum a 10 percent growth," Toyota Philippines vice chairman Alfred Ty told reporters when asked about the production volume for 2017.
The sales allowed Toyota Philippines, a joint venture between Japan's Toyota and local conglomerate GT Capital Holdings, to break into the top 10 for highest selling markets of the Japanese carmaker.
Sales of motor vehicles in the Philippines jumped 24.3 percent to 325,468 units in the January-November period last year. That is the third-largest growth rate in the region behind Singapore's 45.6 percent and Vietnam's 30.8 percent growth, data from the Asean Automotive Federation showed.