TOYOTA Motor Philippines Corp. (TMP) is on track to launch a new version of the iconic Tamaraw, a senior official said on Tuesday, having spent about a quarter of the P5.5 billion committed for the light commercial vehicle project.

"[W]e are about 25 percent of P5.5 billion for the year," TMP Chairman Alfred Ty told reporters during a thanksgiving party for the media.

The automaker announced plans to revive the Tamaraw, which was widely used to transport people and cargo in the Philippines during the late 70s up to the 80s, during its 35th anniversary celebration last year.

The multipurpose vehicle, which already debuted in Thailand as the Hilux Champ, is expected to make its local showroom debut in the third quarter.

Toyota initially said that it would be spending P4.4 billion, but the government last month announced that Toyota had committed an additional P1.1 billion to produce the Tamaraw, which will be assembled at the firm's plant in Santa Rosa Laguna.

The new version can be configured to the needs of buyers, whether for people transport, cargo or even mobile stores.

Ty said the vehicle would be made affordable to micro, small and medium enterprises and would help create jobs and support local parts makers.

TMP is the country's biggest automaker. It accounted for just under half, or 200,031 units, of the 429,807 vehicles sold by the Chamber of Automotive Manufacturers of the Philippines and the Truck Manufacturers' Association in 2023.

Its share of the market, however, slipped to 46.54 percent last year from 49.36 percent in 2022.

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