The global recovery allowed the sales of Toyota Motor Philippines Logistics Inc. (TLI), a wholly owned subsidiary of Toyota Motor Philippines Corp. (TMP), to exceed pre-pandemic levels.
The company said its sales in 2021 surged by 43 percent year-on-year. The increase is higher than the 29 percent recorded in 2019.
“TLI attributes its success to a large extent to the government’s policy which allowed unhampered operations of logistics service providers and export-oriented businesses even during the pandemic,” the company said in a statement.
“TLI’s sales (performance) was also reflective of global market recovery momentum as evidenced by increased exports to top destinations including Thailand, Pakistan, Brazil, South Africa and Indonesia.”
TLI, a Philippine Economic Zone Authority or PEZA-registered Ecozone Logistics Service Enterprise (ELSE) located in Santa Rosa City, Laguna, handles exports of multi-sourced Toyota Original Equipment Manufacturer (OEM) parts, spare parts and accessories.
Last year, the company said it remitted to the government a total of $1.25 million in the form of withholding taxes.
The Bureau of Internal Revenue District Office No. 57 recognized TLI as the third largest taxpayer under the non-individual taxpayer category.
“The amount is one of the highest collected by the RDO from the whole of Cabuyao, Santa Rosa, Biñan and San Pedro in Laguna,” the company said.
Since its incorporation in 2016, TLI has already established its role in Toyota’s supply chain as a warehousing and logistics services provider, catering to the needs of Toyota affiliates worldwide. The company currently exports to over 30 destinations in five continents.
The Toyota Network continues to provide critical support to the local automotive industry and global parts supply chain. Export contribution of Toyota Group accounted for 32 percent of the total Philippine exports of automotive parts and components in 2021.
In 2021, TMP dominated the industry, accounting for nearly half of the market share. Its sales rose by 29.6 percent to 129,667 units last year from 100,019 units in 2020.