Citimotors, Inc.

To uphold a competitive edge in the automotive industry, Mitsubishi Motors Philippines Corporation (MMPC) -- then called Philippine Automotive Manufacturing Corporation (PAMCOR), local assembler and distributor of Mitsubishi passenger cars, light commercial vehicles, and trucks and buses, declared in the latter part of 1987 the need to appoint a third franchise dealer for Metro Manila (with the City of Makati as the base of operation), with the intention of strengthening its dealership network in the National Capital Region. MMPC chose the group represented by Fulgencio "Paul" N. Ching and Escorton "Gordon" Teng for their technical skills and vast automotive marketing expertise. On March 11, 1988, Citimotors, Inc. was established and incorporated under SEC Registration Certificate No. 14322, with an authorized capital stock of Php50-million. The authorized capital stock was fully paid by the stockholders after only four years of operation. Subsequently, the authorized capital stock was increased to P130-million which was also fully paid-up. Its territorial jurisdiction, as distinguished from the other Metro Manila dealers of MMPC, covers the entire area situated south of the Pasig River -- Makati, Pasay, Taguig, Pateros, Paranaque, Muntinlupa, and Las Pinas in Rizal; San Pedro and Binan in Laguna; and Bacoor, Imus, Kawit, Noveleta, Cavite City, Rosario, Dasmarinas, Silang and Carmona in Cavite. Citimotors, Inc. now has three outlets strategically located within its area of responsibility: Makati, Las Pinas and Alabang. Its Makati office, which was the first to be established, serves as the company headquarters.