TOYOTA MOTORS SIGNS PURCHASE AGREEMENT WITH PNB

  The state-owned Philippine National Bank
  (PNB) will fund Toyota Motor Corp's &lt;TOYO.T> planned purchase
  of its bankrupt former local partner's manufacturing facilities
  for at least 193 mln pesos, a bank official told reporters.
      Toyota has informed the Philippine government it plans to
  produce cars again here in joint venture with a local partner.
      It proposes to invest about 400 mln pesos in the
  manufacture of car spare parts and other items, and generate
  about 100 mln pesos in export earnings over five years.
      The banker said today a letter of intent was signed three
  weeks ago but the sale requires approval from government
  agencies charged with selling private sector assets taken over
  by state-owned banks.
      Official sources said Toyota's application was likely to be
  approved.
      Toyota severed ties with its Philippine partner of 20
  years, &lt;Delta Motor Corp>, in 1984 because the local company
  was suffering financial difficulties. PNB later foreclosed on
  Delta's assets.
  

