Mitsubishi Corporation. a Tokyo-based global conglomerate, is planning to invest P4.3 billion or $90.63 million to start the production of hatchback and sedan versions of its sub-compact model Mirage in the Philippines next year. The move is part of an effort to participate in the CARS program, a program that offers incentives for firms in the auto industry, according to Mitsubishi Corporation chairman and CEO Osamu Masuko.
“I had the opportunity to meet his Excellency, President Aquino earlier today and have expressed Mitsubishi Motors Corporation’s (MMC) determination to participate in the the CARS program. We will immediately file an application to join,” Masuko said in a briefing following his meeting with the President on February 10.
The hatchback and sedan versions of the Mirage will be built at a plant in Sta. Rosa, Laguna, which the firm has recently renovated, with investments geared towards increasing local content in order to meet CARS requirements.
