Toyota's Philippine unit holds back investment following delay to automotive road map
Had been planning to invest about PHP2 billion (USD44.66 million) in its Philippine operations to build its latest-generation Innova multi-purpose vehicle.
Toyota is reportedly holding back its investment in the Philippines because of the delay in the release of the road map for the local automotive industry, reports the Manila Bulletin, citing Toyota Philippines president Michinobu Sugata. The automaker had been planning to invest about PHP2 billion (USD44.66 million) in its Philippine operations to build its latest-generation Innova multi-purpose vehicle. The investment proposal had been pending approval from the country's investment board. However, Sugata revealed, "We cannot submit the [PHP2-billion] Innova project [to the Board of Investments] because the [automotive] roadmap is not yet done… We are still waiting. They are still crafting the roadmap, I don't know if our Innova will fit."
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