NAGOYA, Japan — Toyota Motor is boosting investment in the Philippines by 4.4 billion pesos ($78.2 million) to develop two new models designed for emerging markets, the Japanese automaker said on Tuesday, as it anticipates strong growth in Southeast Asia.
“I truly believe there is enormous potential for growth here, from both a business and technology standpoint,” Toyota Chairman Akio Toyoda said at a ceremony in Manila to commemorate the 35th anniversary of the founding of local subsidiary Toyota Motor Philippines.