Toyota Motor Philippines remits P34.6B in taxes last year
TOYOTA Motor Philippines Corp. (TMP) announced that it had remitted P34.59 billion worth of duties and taxes last year.
The car manufacturer said in a statement on Monday that it was recognized by the Bureau of Customs (BoC) as the country’s third top importer and revenue contributor for 2022.
TMP imports various vehicles including Toyota and Lexus models, multi-sourced parts for production, and service parts from the Asia-Pacific region, with the Port of Batangas serving as the main port of entry.
“While the Port of Batangas is the primary channel for completely built-up (CBU) vehicle units, it also serves as a gateway for the export of original equipment manufacturer (OEM) parts and components produced by Toyota export parts suppliers, making it an important link to Toyota’s global supply chain,” TMP said.
“TMP also has notable business operations with the BoC-Manila International Container Terminal (MICT) where it is recently certified as a ‘Flagship Elite’ member by International Container Services, Inc., one of MICT’s operators,” it added.
Meanwhile, TMP said that it was also given the “Outstanding Taxpayer Award 2023” by the Laguna provincial government. The company has a manufacturing plant in Santa Rosa City, Laguna, which produces the Toyota Vios and Innova models.
Aside from local production, TMP is also engaged in the wholesale distribution of Toyota and Lexus vehicles across its 73 dealers in the Philippines.
In 2022, TMP led all car manufacturers in terms of sales as it accounted for 174,106 units sold or 49.38% of the 352,596 units sold, based on data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA).
As of end-February, TMP posted the highest sales among vehicle manufacturers, with 28,299 units sold or 46.85% of the 60,404 units sold by CAMPI and TMA members. — Revin Mikhael D. Ochave
