Toyota, CAMPI bump up 2016 sales targets

MANILA, Philippines - The largest automotive group and the biggest automotive player in the country are hiking their respective sales targets for the year behind continued stability of the Philippine economy.

Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) president Rommel Gutierrez said total industry sales for the year is expected to reach 360,000 units, slightly higher from the previous target of 350,000 units.

The sales target will represent a 12 percent year-on-year growth from 2015’s total industry sales of more than 320,000 units.

“It’s an indication how dynamic and vibrant our economy is. Also, there are a lot of new models being introduced,” Gutierrez said.

Member companies of CAMPI and the Truck Manufacturers Association (CAMPI) account for 85 percent to 90 percent of total vehicles sold in the country. The remaining 10 to 15 percent come from member firms of Association of Vehicle Importers and Distributors Inc.

As of end-July, CAMPI and TMA sales have reached 197,448 units, a 26.5 percent improvement from 156,034 units in the same period last year.

Meanwhile, the country’s largest automotive player in terms of sales — Toyota Motor Philippines Corp. (TMP) — has also decided to hike its year-end target to 155,000 units from an original forecast of between 145,000 to 150,000 units.

TMP president Satoru Suzuki said the higher sales would be driven by the company’s new model introductions for the year along with the country’s overall economic growth.