Toyota Motor Philippines Corp. (TMP)
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GT Capital has interests in the automotive industry primarily through its 51% direct ownership in Toyota Motor Philippines (TMP). TMP is engaged in the manufacture, importation and wholesale distribution of Toyota brand motor vehicles in the Philippines. It is also engaged in the sale of motor vehicle parts and accessories, both locally and via export. TMP also has direct interests in dealerships and auto parts facilities. TMP is a joint venture company between GT Capital and Toyota Motor Corporation of Japan, wherein each owns 51% and 49% of TMP’s shares, respectively.
TMP entered into the Toyota Distributor Agreement and the Lexus Distributor Agreement with Toyota Motor Corp. (TMC) and Toyota Motor Asia Pacific (TMAP) for the right to sell Toyota and Lexus brand products in the Philippines. TMC was incorporated in Japan on August 28, 1937 and its primary business is in the automotive industry. TMC’s operations are conducted through subsidiaries and affiliate companies in more than 170 countries. TMC’s subsidiaries and affiliate companies, including TMP, are required to implement certain standardized guidelines in their manufacture and distribution of Toyota products in order to maintain the Toyota brand image worldwide.
In 1995, the Toyota Santa Rosa (Laguna) Industrial complex was declared as a Special Economic Zone. The 82-hectare Toyota Special Economic Zone (TSEZ) is home to Toyota’s manufacturing plant and head office and houses a number of investors performing strategic roles in the manufacture and export of automotive products to ASEAN, Japan and other parts of the world.
TMP is the biggest automotive company and the market leader in the country, with the widest vehicle line-up of 18 models and the nation's broadest sales distribution and service network. In term of sales, TMP has consistently achieved the much-coveted Triple Crown award since 2002, being No. 1 in Passenger Car Sales, No. 1 in Commercial Vehicle Sales and No. 1 in Total Sales.
The best-selling Vios and Innova are proudly made at the Toyota Special Economic Zone, Santa Rosa City, Laguna, Philippines.
As a component company of the GT Capital Group, TMP continues to benefit from strong synergies with fellow subsidiaries and affiliates. GT Capital's automotive business has three major component parts: first, TMP for automotive assembly, importation, and distribution of Toyota vehicles; second, Toyota Manila Bay Corp., which along with other dealerships across the country, sell Toyota units to the public; and third, Toyota Financial Services (TFS), which offers lease-to-own financing for Toyota vehicles. Together, the Toyota businesses form the country's strongest automotive force.
TMP was incorporated in the Philippines on August 3, 1988 as a business venture between the Metrobank Group and Toyota Group of Japan. TMP has been the exclusive manufacturer and distributor of Toyota brand products in the Philippines since 1989, when it began manufacturing the Crown, Corolla, and Liteace models at its Bicutan, Parañaque City production plant. In 1991, TMP began domestic production of the Corona and Tamaraw FX models.
In 1990, TMP commenced two-shift operations and in 1993, TMP started press plant operations. In response to increasing demand, TMP opened a second plant located at Santa Rosa, Laguna in 1997. In 2005, the plants were consolidated into a single location at TMP’s present site in Santa Rosa, Laguna, which was given special economic zone status through Presidential Proclamation No. 381. The zone is known as the Toyota Special Economic Zone (TSEZ) and affords certain tax benefits to companies located inside the zone which are registered with the Philippine Economic Zone Authority (PEZA).
In 1998, TMP became the first automotive company in the Philippines to be awarded ISO14001 certification for environmental management. In June 2003, TMP began the domestic production of the Vios passenger car, while production of the Innova commercial vehicle model commenced in February 2005. In January 2009, TMP reached a key milestone by opening the Philippines’ first Lexus dealership. TMP sold its 500,000th, 600,000th and 700,000th unit in October 2007, December 2009 and September 2011, respectively. In 2015, TMP reached 1 million unit sales since the start of its operations in 1989.
Toyota Brand Attributes
Toyota has been the Philippines' number one car brand for decades. This can be attributed to five key characteristics of the brand:
Globally trusted brand - QUALITY, DURABILITY, RELIABILITY (QDR)
Wide nationwide dealership network offering full range of services
Availability of original parts, supplies and service
High resale value (up to 50% of original selling price for 5 years old and above)
Corporate policy of manufacturing original parts for models discontinued up to 15 years
Established in the Philippines under the name "Toyota Motor Philippines Corporation" (TMP)
Commenced two-shift operations
Started press plant operations
Opened a second plant located at Santa Rosa City, Laguna
Became the first automotive company in the Philippines to be awarded ISO14001 certification for environment management
Opened the Philippines' first Lexus dealership
Top-seling brand in terms of units sold for passenger cars, commercial vehicles, and overall sales since 2002
Ground breaking ceremony for Toyota Motor Philippines School of Technology (TMP Tech)
Toyota Motor Philippines introduces the all-new Innova, the country's best-selling multipurpose vehicle
The inaugural Vios Cup, an exciting 'waku doki' experience
Toyota Motor Philippines launches the full-model change of the Corolla Altis