MITSUBISHI Motors Philippines Corp. (MMPC) is not ruling out participation in the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program but added that its priority remains domestic production of electric vehicles (EVs).
“There is a possibility (for RACE), but we are currently focused on the EVs at the moment,” MMPC President and Chief Executive Officer Ritsu Imaeda told reporters on the sidelines of the Makati Business Club’s 45th anniversary celebration last week.
“As a manufacturer, we cannot invest in everything in this current environment,” he said, noting that the Philippines is one of several locations for MMPC’s production hubs.
The RACE program seeks to encourage the local production of internal combustion engine vehicles by providing P9 billion worth of incentives. Under the total, three participating automakers will receive P3 billion each.
Earlier this year, the Japanese automaker announced plans to make the Philippines its next EV export hub.
This was followed by a P7-billion investment to produce hybrid EVs, as well as to assemble batteries and other components in its Sta. Rosa, Laguna plant.
MMPC plans to enroll this in the government’s Electric Vehicle Incentive Strategy (EVIS), which aims to encourage domestic EV manufacturing by providing up to P60 billion in fiscal support.
Mr. Imaeda said investments for the upcoming hybrid EV production facility could exceed the P7-billion estimate.
MMPC is awaiting the details of the EVIS program before it determines the size of the investment, he noted.
The company projects its overall sales growth in line with last year’s, citing tepid buyer appetite.
In 2025, MMPC’s sales declined 2.6% to 86,808 units. The company was second in Philippine market share at 18.72%.
“The economic situation in the Philippines is showing a bit of a downtrend,” he said, citing inflation and unemployment.
“I think the automotive industry itself is also shrinking now, in terms of the appetite to buy cars.”
The company is betting on a seasonal boost over the holidays, Mr. Imaeda said.
MMPC vehicle sales slumped 20.3% slump to 46,162 units. — Beatriz Marie D. Cruz