The Japanese Bank for International Co-operation (JBIC) has issued a US$60mn loan to expand a tyre plant in the Philippines.

The borrower is Yokohama Tire Philippines, a subsidiary of Yokohama Rubber. The finance will be used to expand its car tyre production plant in the Clark Special Economic Zone in Pampanga Province, the Philippines.

The tyres produced at the factory will be mainly exported to North America.

JBIC has also issued a smaller loan of US$5mn to Hal Vietnam, a subsidiary of Hiroshima Aluminium Industry Ltd. (HAL). The loan, co-financed with unnamed commercial banks, will help finance the construction of a new manufacturing plant for the production of aluminium die-cast automobile parts used in engines and transmissions.