Hino Motors Ltd. is doubling the production capacity of its assembly plant in Canlubang, Laguna, in anticipation of the sustained growth of the Philippine economy over the next five years, reports the Philippine Daily Inquirer.
"The Philippine economy is getting better and better for commercial vehicles and the difference in the price between a brand new and second hand [vehicle] is getting smaller," said Masashi Imaoka, Hino's deputy general manager of the Asia and Oceania division. "The price gap is small and so we are confident that the brand new market [for trucks and buses] is getting bigger."
Hino Motors is adding about 4,000 units, while truck and bus sales are projected to increase to as much as 5,000 yearly starting in 2020, Imaoka said. This year, Hino Motors expects sales in the Philippines to increase by at least 60% to more than 2,000 units from the 1,250 units it sold last year.
Hino is also rolling out new Euro-4 compliant vehicles over the next several years in the local market to adhere to the Department of Environment and Natural Resources (DENR) policy on the Euro-4 fuel and emission standards.