Alfred Ty, chairman of Toyota Motor Philippines, believes the worst is over and is optimistic the automotive industry as well as other businesses will recover in due time from the negative impact of the COVID-19 pandemic.
TMP, as the leading automotive company in the country, will take the wheel toward recovery as its targets to open its 4.5-billion-peos logistics hub in Batangas in the fourth quarter of the year, Ty said.
He added, “We see the economy improving and that businesses will recover in due time. Every week, there are new developments regarding a COVID-19 vaccine and while this may not be the be-all and end-all solution to this pandemic, it is a welcome development and a sign that progress is happening earlier than expected.”
TMP’s 32-hectare facility located near Batangas Port will serve as a gateway to imported vehicles. TMP sold over 100,000 units last year, capturing 41 percent of the market.