China’s Foton Motor plans to invest US$20m over the next three years in a new vehicle assembly plant in Manila, Philippines.
The plant will assemble passenger and commercial vehicles mainly for the local market but will also targets exports to other ASEAN countries.
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The company has leased a plot of land from state-owned Clark Development Corporation for a term of 25 years, after it reached an agreement with its local distributor United Asia Automotive Group in October of this year.
The company currently sells the MPX minivan, the Blizzard pickup truck, the View minibus and a range of light and medium trucks in the Philippines.
