Auto industry seen to grow by 4% to 5% this year

MANILA, Philippines –  The local auto industry is expecting a four to five percent growth this year, slower than the double digit growth posted in 2010, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said yesterday.

CAMPI president Elizabeth H. Lee said that this year’s sales will not be as robust as 2010. “We are expecting 2011 sales to follow the seasonality of industry sales which was not the case in 2010 due to elections in the early half of that year as well as the post Ondoy effect,” Lee said.

“For 2011, the industry forecasts an initial four to five percent growth. The growth rate will likewise be adjusted accordingly on a quarterly basis depending on the overall sales performance. Above all, we reiterate the industry’s adherence to high standards of integrity and business practice,” she added.

The industry saw a 28 percent growth in sales in January to November last year.

“2010 was a good year for the auto industry with high double-digit growth and more importantly, the completion of major accomplishments that benefit the auto industry as a whole,” Lee said.

“We likewise look forward to 2011 with renewed hope given government’s direction to expand local assembly operations, create jobs, and create a competitive environment for increased investments into the country,” she added.