Idemitsu Kosan Co.,Ltd. (Head Office: Chiyoda-ku, Tokyo; President and Representative Director: Shunichi Kito; hereinafter, “Idemitsu”) established and began operation a new lubricant sales company “Idemitsu Lubricants Philippines Inc.” (President: Masato Kawai; Location: Manila) in the Philippines where growth is expected. The new company will promote the supply of lubricant oils to Japanese automobile manufacturers and auto parts manufacturers in the Philippines as well as sales expansion of Idemitsu brand oil.
In the Philippines, the median age of the population is overwhelmingly young compared with neighboring countries, the GDP growth rate reached 6.2% in 2018, and steady growth is expected to continue also in the medium term. In 2018, sales of cars and two-wheelers reached 360,000 and 1,600,000 units respectively, and solid growth is projected for the future as well in the demand for lubricants, including motor oils.
In order to meet various customer needs, Idemitsu will continue to work to both to establish sales structures deeply rooted in the local markets and strengthen and grow its business as a global manufacturer of lubricant oils.