The country’s automotive and mobility leader, Toyota Motor Philippines Corporation (TMP), recently released its Sustainability Report, covering its non-financial performance from January to December 2024 and its external impact on stakeholders. Now in its 11th year of issue, TMP marks a new decade of transparency with a reaffirmed commitment to advancing environmental, social, and economic progress.
As its central theme for the latest report, TMP highlights its ‘Beyond Zero’ corporate initiative, a Toyota global commitment to go beyond achieving carbon neutrality, first announced in the Philippines in October 2024.
Among the company’s most notable accomplishments in 2024 were the Scope 2 CO2 emissions avoidance through sourcing of 100% renewable energy for its Santa Rosa plant operations, as well as a 267% increase in direct new hires led by production expansion. Furthermore, TMP successfully completed its Comprehensive Automotive Resurgence Strategy (CARS) project with over 204,000 Vios units locally produced from July 2018 to July 2024, retaining and building on its local automotive production capabilities and parts supply chain.
On the economic front, TMP sustained its industry leadership in 2024, posting its highest-ever annual sales of 215,756 units and securing its 23rd Triple Crown for topping the passenger car, commercial vehicle, and overall sales segments. The company’s consolidated revenue reached PHP242 billion, reflecting an 8% year-on-year growth. TMP has notably beefed up its local manufacturing with a PHP5.5 billion new investment covering a vehicle conversion facility for the local production of its third model – the Next Generation Tamaraw – a boost to the local auto industry.
On the environmental side, TMP advanced its multi-pathway approach to carbon neutrality, combining vehicle electrification, renewable energy adoption, and intelligent mobility solutions. In 2024, the company recorded a 95% surge in electrified vehicle (xEV) sales with 17 xEV models in its Toyota and Lexus line-ups. Showcasing Toyota’s powertrain innovation and highlighting hydrogen (H2) as a future-ready zero-emission solution, TMP demonstrated the Corolla Cross H2 Concept vehicle and H2 refueling infrastructure to various stakeholders, including the Philippine government.
“All these go to show that hydrogen has potential. Our goal is to reduce CO2 emissions through various solutions beyond just electrification. Toyota hopes to bring more possibilities for the Philippines, too,” said TMP president Masando Hashimoto.
Hashimoto noted that Toyota’s ‘Beyond Zero’ philosophy would like to address other societal issues, including safety, mobility, and connectivity. “Achieving zero is no longer enough. We are creating new value—building a future where each move we make is driven by the vision of leaving the world in a better state.”
In the social aspect, TMP commits to people and community development by supporting employment in its network of over 60,000 individuals nationwide and by providing above-minimum wage for all its direct employees. Its workplace safety also remained exemplary with zero fatalities and eight (8) million safe man-hours, complemented by physical and mental health initiatives to support employee well-being based on the company’s people-first culture.
While local regulation on Sustainability Reporting is confined to Publicly-Listed Companies (PLCs) by the Securities and Exchange Commission, TMP’s decade of voluntary non-financial reporting underscores its commitment to transparency and accountability. As an industry leader, it also acknowledges the role of firms to advancing corporate sustainability in the Philippines while navigating contemporary risks and opportunities.
TMP’s latest Sustainability Report adheres to international standards and frameworks such as of the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and the United Nations Sustainable Development Goals (UN SDGs), and is now accessible via https://www.toyota.com.ph/sustainability.
TMP is a Non-listed Large Corporation (NLC) engaged in automotive manufacturing, importation and distribution of Toyota and Lexus brand products. Its major shareholder, GT Capital Holdings, Inc., is a large Philippine conglomerate listed in the Philippine Stock Exchange since 2012.