TOYOTA MOTORS SIGNS PURCHASE AGREEMENT WITH PNB The state-owned Philippine National Bank (PNB) will fund Toyota Motor Corp's <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, <Delta Motor Corp>, in 1984 because the local company was suffering financial difficulties. PNB later foreclosed on Delta's assets.