Yokohama Tire Philippines Commences Construction of PHP3.5-Billion Plant at Clark Freeport Zone

CLARK FREEPORT ZONE, PAMPANGA – Yokohama Tire Philippines, Inc. (YTPI) has officially begun the construction of its new PHP3.5-billion manufacturing facility, confirming its investment commitment made to President Ferdinand R. Marcos Jr. during his recent official visit to Japan.

According to Philippines News Agency, the groundbreaking ceremony on Monday was a testament to the growing foreign investment under the administration’s vision of “Bagong Pilipinas” (New Philippines). The expansion at Clark Freeport Zone is set to boost YTPI’s production by 5 percent, allowing the company to manufacture an additional 500,000 tires annually. Currently, as the sole tire manufacturer in the country, YTPI produces 10 million tires each year, with 94 percent destined for export markets and the remainder serving local consumers.

The expansion will not only enhance production capacities but also generate 500 new jobs, bolstering employment opportunities in the region. During the ceremony, DTI Secretary Alfredo Pascual highlighted the strategic implications of YTPI’s investment, emphasizing the benefits of the trilateral partnership among the Philippines, the United States, and Japan. This partnership aims to foster the Luzon Economic Corridor, attracting further investments from these nations and beyond.

Secretary Pascual also met with executives from Yokohama Rubber Company Ltd., YTPI’s parent company, during the Philippine Economic Briefing in Tokyo last month. He expressed ambitions to increase the company’s rubber sourcing from the current 51 percent to a full 100 percent. This initiative is projected to source approximately 30,000 metric tons of raw rubber locally each year, valued at around PHP1 billion, significantly benefiting local farmers and the domestic economy.