 In January 1987, Philippine Automotive Manufacturing Corporation (PAMCOR) was incorporated by MMC and Nissho Iwai to formally take over the operations and business activities of CARCO.In April 1996, MMC became the majority shareholder (51%) of PAMCOR after it acquired 1% of Nissho Iwai's share in the company.In August 1996, PAMCOR was renamed Mitsubishi Motors Philippines Corporation (MMPC).