THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
DOWNLOAD
View all Reports
Metrobank.com.ph How To Sign Up
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph How To Sign Up
Access Exclusive Content Login to Wealth Manager
Search
THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
Two people discussing a chart on a tablet
Economic Updates
Policy Rate Update: Dovish BSP Narrows IRD 
June 19, 2025 DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: Prices rise even slower in May 
June 5, 2025 DOWNLOAD
View all Reports
BusinessWorld 3 MIN READ

TMP says auto parts exports may rise 5% next year

November 20, 2024By BusinessWorld
Related Articles
2023 PHL ‘hot money’ swings to net outflow amid high key rates January 25, 2024 Inflation sharply drops to 3-year low February 6, 2024 Bank chiefs optimistic on industry growth January 30, 2024

Toyota Motor Philippines Corp. (TMP) is projecting a potential 5% growth in auto parts exports next year as demand recovers in other countries, a company official said.

“If next year it will increase, more or less… it will be 5%,” TMP First Vice-President for Purchasing Richard B. Valdez told reporters on Tuesday.

Exports are so far flat this year, he noted. “Every year, at least we would like to increase, but that will still depend on the sales of other countries.”

In 2023, the Toyota group accounted for 30% or USD 1.26 billion of the total Philippine auto parts exports. These represented USD 665 million in export revenues.

However, the car manufacturer’s share in the auto parts exports that year was lower than 33% a year prior.

“It’s a little bit down because since we are exporting, these (represent) the sales of other countries like Thailand and other ASEAN (Association of Southeast Asian Nations) markets,” Mr. Valdez said.

There are lower sales in other markets due to issues with financing as interest rates remain elevated, he noted.

Data from the ASEAN Automotive Federation (AAF) showed that motor vehicle sales in Thailand declined 9% to 775,780 units last year.

Meanwhile, Thailand’s motor vehicle sales from January to September dropped 23.5% to 438,303 units.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said it is possible for the country’s total auto parts exports to increase next year.

“This is consistent with the fact that the Philippines is one of the fastest growing in vehicle sales and production in ASEAN in recent years,” he said.

AAF statistics showed that Philippine motor vehicle production grew 18.3% in the January-to-September period to 97,139 units. It was the second-fastest in the region.

Meanwhile, a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. and Truck Manufacturers Association showed that auto sales grew 8.9% to 384,310 units as of October.

Mr. Ricafort added that since Toyota is one of the world’s biggest automakers, it is possible for the company to further diversify its global supply chains.

“It will be prudent for them to diversify the auto parts exported from the Philippines to the rest of [its] production facilities worldwide,” he said.

In 2016, TMP established Toyota Motor Philippines Logistics, Inc. (TLI) to strengthen its indirect exports of OEM (original equipment manufacturer) and aftermarket parts and accessories to Toyota’s global network.

As of the end of 2023, TLI has 13 indirect export suppliers, which generate around $200 million annually.

According to Mr. Valdez, the top destinations for Philippine-made parts last year were Thailand, South Africa, Brazil, Taiwan, and India. — Justine Irish D. Tabile

This article originally appeared on bworldonline.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up