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Toyota Motor Corporation has pledged to invest P1.1 billion in the Philippine Public Utility Vehicle (PUV) Modernization Program at the 50th ASEAN-Japan Summit, bringing the total investment to P5.5 billion. The plan involves building modern jeepneys.
Toyota Executive Vice President Yoichi Miyazaki reported the investment plan to President Marcos and said the “Tamaraw” symbolizes contribution to the Philippine economy. While the plans are controversial, the Department for Transport says the co-op model will help operators gain easier access to funding. Critics worry the plan could lead to the loss of franchises to larger companies.
(Source: abs-cbn Image source: freepik)
