A few days ago, Philippine Secretary of Trade and Industry Fred Pascual paid a visit to Japan.
During his visit, he met with senior executives of Japanese companies, including Yokohama Rubber.
According to Pascual, Yokohama Rubber will fulfill its commitment to expand the production capacity of its plant in the Philippines.
The plant's local sourcing strategy contributes significantly to the local natural rubber economy.
During the visit, Pascual promised Yokohama Rubber that he would solve the problems encountered by the company in the Philippines.
These include VAT concessions, electricity infrastructure and labour sources, among others.
It is understood that in January this year, Yokohama Rubber announced that it would add a new production line for the Philippines.
The plant's daily production capacity increased from 30,700 to 32,500.
The total investment of this project is 3.5 billion pesos (about 440 million yuan).
The new project is scheduled to start in the second quarter of this year and reach full production in the second quarter of 2026.
The new production line mainly produces passenger car tires with a diameter of 21-22 inches.