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CORRECTED-Mitsubishi Philippines to invest $90 mln to boost output
February 10, 2016 / 12:02 PM / 2 years ago

CORRECTED-Mitsubishi Philippines to invest $90 mln to boost output

(Corrects timing in third paragraph to say ‘in the future’ and not ‘by 2017’)

MANILA, Feb 10 (Reuters) - Mitsubishi Motors Corp’s Philippines unit will invest 4.3 billion Philippine pesos ($91 million) to boost production from next year and take advantage of an incentive programme, its chairman said on Wednesday.

Mitsubishi Motors Philippines Corp will start making the sedan model of the Mirage in 2017 which should raise production to 30,000 from 18,000, Osamu Masuko told a media briefing.

The Japanese automaker will double its production capacity to 100,000 vehicles per year in the future, Masuko said.

Mitsubishi already manufactures the Adventure SUV and L300 van in the Philippines. Its facility, south of the capital, has an annual capacity of 50,000 units and output was around 16,000 vehiclse last year, company data showed.

The Philippines’ long-awaited $600 million incentive programme requires automakers to produce at least 200,000 vehicles per model over six years to avail of tax breaks.

Mitsubishi sells the most cars in the Philippines after Toyota Motor Corp, which has also said it was keen to take part of the scheme aimed at expanding the local auto industry. (Reporting by Neil Jerome Morales; Editing by Alexander Smith)

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