In the early 1990s, Nissan was the leading automaker in the Philippines. However, by the mid-1990s, the company had fallen on hard times and was forced to declare bankruptcy. In 1998, Nissan Motor Company Ltd. (NMC) of Japan acquired a controlling stake in the company and renamed it Nissan Motor Philippines, Inc. (NMPI).Nissan Philippines came about as a result of the company's financial troubles in the mid-1990s. NMC of Japan acquired a controlling stake in the company in 1998 and renamed it NMPI. Nissan Philippines is a subsidiary of NMPI and is responsible for the sales, marketing, and distribution of Nissan vehicles in the Philippines.