The local car industry is forecasting an "impressive growth" this year, with sales momentum likely to hit the 500,000 target, the first time the local auto industry will reach this level.
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) president Rommel Gutierrez said that the current momentum in the local market will help the industry hit and even exceed its "conservative target" of 468,300 units this year.
"This impressive growth is a testament to the confidence and support of our consumers," he said. "We are optimistic about surpassing this goal and potentially reaching 500,000," Gutierrez added.
Gutierrez said that from January to July this year, sales of local vehicle assemblers, which include sales from members of CAMPI and Truck Manufacturers Association (TMA), rose 10.9% to 265,610 units from 239,501 units in the same period last year. This does not include sales for the group of vehicle importers and distributors.
Japanese carmaker Toyota, the leading nameplate in the Philippine market, also echoed this.
Toyota Motors Philippines president Masando Hashimoto said in the same event that the company is optimistic about its growth in the country, given its strong gross domestic product (GDP) expansion and increasing per capita GDP.
"I think, if we view the total market for regional momentum of the market, among ASEAN countries, only the Philippines is showing a clear growth year-on-year compared to last year," Hashimoto said.
"We are quite optimistic for future growth from now on, and for the next two or three years, we will still have quite a bright future. In terms of volume and demand momentum, it's with us," he added.
Meanwhile, CAMPI will hold the 9th Philippine International Motor Show (PIMS) at the World Trade Center from October 24 to 27.
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