earnings reports

Toyota Motor Philippines sets new sales record as PH middle class expands

Isagani de Castro Jr.

This is AI generated summarization, which may have errors. For context, always refer to the full article.

Toyota Motor Philippines sets new sales record as PH middle class expands

RUGGED. Toyota Hilux pick-up trucks displayed outdoors with mountains in the background.

Toyota Motor Philippines' Facebook page

The Ty family’s GT Capital sees the rise of an 'upper middle-class segment' in the Philippines as Toyota Motor and Metrobank set new record highs in sales and earnings, respectively

MANILA, Philippines – Billionaire Ty family’s Toyota Motor Philippines (TMP) set a new record high in sales in 2023 with over one-fifth of a million units sold.

In a disclosure on Friday, March 22, the Tys’ conglomerate GT Capital Holdings Incorporated reported that its automotive unit sold 200,031 units in 2023, up by 15% from 174,106 in 2022.

Total retail sales exceeded TMP’s previous record high of 183,908 units in 2017.

Image from GT Capital Holdings

“TMP achieved a record high performance and made 2023 one of our most historic years ever. With the resumption of motorization, the continued under-penetration of passenger cars in the country, and an improved supply situation, we are confident that Toyota will continue to lead the way this year. I believe we are in an ideal position to help outline and form the future of mobility in the Philippines,” TMP president Masando Hashimoto said.

Among the Toyota models that had strong sales and contributed to TMP’s “remarkable results” in 2023 were Vios, Hilux, Raize, Innova, Hiace, and Wigo, GT Capital said. 

Image from GT Capital Holdings/Toyota Motor Philippines

TMP’s top two selling models in the passenger cars segment were Vios with 37,971 units sold and Wigo with 14,676 sold. In the commercial vehicles segment, the bestsellers in 2023 were Hilux with 25,958 units sold; Raize with 17,504 sold; Innova with 16,728 sold; Hiace with 15,017 sold; and Fortuner with 13,971 sold.

Almost one out of every two cars sold in the Philippines is a Toyota. It leads the Philippines in the passenger car and commercial vehicle segments as well as in overall sales. 

“TMP maintains its dominance in the auto industry with an overall market share of 46.2%, reinforced by greater sales volumes arising from five model launches in 2023,” the company said. These five models are Zenix, Wigo, Yaris Cross, Alphard, and Hilux GR-S.

Image from Toyota Motor Philippines

A total of 432,936 units were sold by the country’s automotive industry in 2023, representing a 20% growth from the 360,644 units sold in 2022. 

Mitsubishi Motors Philippines is number two in the country with a market share of 18.3%, followed by Ford Philippines with a 7.2% share, and Nissan Philippines with a 6.3% share.

New generation Toyota Tamaraw

A much-awaited new car is the iconic Toyota Tamaraw, which is set to be launched in the last quarter of 2024. TMP invested P5.5 billion for the assembly of its third completely knocked down or CKD model at its plant in Santa Rosa City, Laguna. 

From its former label as an Asian Utility Vehicle or AUV, the new Tamaraw is now an “Innovative International Multipurpose Vehicle or IMV-0.”

TMP said the new generation Toyota Tamaraw will be suitable for micro, small, and medium enterprises, local government units, and cooperatives.

TMP said its new “convertible Light Commercial Vehicle” will be “affordable,” “functional,” and “customizable” in line with its “mission to provide mobility for all.” It can be a transport vehicle like the modern Philippine jeepney, a police car, medical van, food truck, and transport vehicle. Buyers can also have a fenced cargo bed at the back, or use it as a dry freight or refrigerated freight truck.

The Next Generation Tamaraw models that TMP has showcased are the Pace Car Pick-up and the Modern PUV Jeepney concept.

Banking and property

GT Capital is a conglomerate whose core businesses are in automotive, banking, and property.

The improving per capita GDP of the Philippines has fostered the emergence of an upper middle-class segment within its economy. As disposable incomes rise, improved living standards rise in tandem with demand for goods and services.”  


GT Capital’s banking business – Metropolitan Bank and Trust Company (Metrobank) – posted record earnings of P42.2 billion in 2023, 28.9% higher than the year prior. 

With total assets of P3.1 trillion in 2023, Metrobank maintained its status as the country’s second largest private universal bank next to the Sy family’s BDO. 

GT Capital’s automotive and banking units contributed 71% to the conglomerate’s consolidated net income of P28.7 billion in 2023.

The Ty family’s property subsidiary – Federal Land Incorporated – reported total revenues of P20.8 billion in 2023, up by 54% from P13.4 billion in 2022. 

It said Federal Land’s growth was driven by sales from its upscale The Seasons Residences as well as Grand Hyatt Residences South Tower, both in Bonifacio Global City, Taguig. The Seasons Residences has a Japanese-inspired premier mall, Mitsukoshi BGC.

Federal Land is also behind the 600-hectare township Riverpark, a mixed-use community in General Trias City, Cavite, south of the capital. Dubbed “The Next Gen City of the South,” this project was introduced last January. 

GT Capital also attributed the group’s “exceptional year” in 2023 to the Philippines’ expanding “upper middle-class.”

“A significant level up from the previous year, our expectations were exceeded by the record-setting financial results from our core businesses: Metrobank, Toyota Motor Philippines, and Federal Land. The improving per capita GDP of the Philippines has fostered the emergence of an upper middle-class segment within its economy. As disposable incomes rise, improved living standards rise in tandem with demand for goods and services,” said GT Capital president Carmelo Bautista.

GT Capital also has interests in Manny Pangilinan-led Metro Pacific Investments Corporation, and in life and general insurance firm AXA Philippines. – Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

Summarize this article with AI

How does this make you feel?

Download the Rappler App!
Avatar photo


Isagani de Castro Jr.

Before he joined Rappler as senior desk editor, Isagani de Castro Jr. was longest-serving editor in chief of ABS-CBN News online. He had reported for the investigative magazine Newsbreak, Asahi Shimbun Manila, and Business Day. He has written chapters for books on politics, international relations, and civil society.