MANILA, Philippines - The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) expects to come up with a new forecast for 2014 total vehicles sales by next month.
“No official revision yet...(new forecast) may be out next month,†CAMPI president Rommel Gutierrez said in a text message.
The CAMPI said earlier the group may raise its forecast for total vehicle sales this year citing the positive performance in the first few months of the year.
“We may raise the forecast of 230,000 units by the middle of the year,†Gutierrez said.
Combined sales of the CAMPI and the Truck Manufacturers Association Inc. (TMA) hit a record in March, leading to a 23 percent growth in total sales in the first quarter compared to a year ago.
The two groups’ combined sales reached a record performance of 19,173 units in March, 25 percent higher than the 15,292 units in the same month last year.
As of the first quarter, combined sales of the CAMPI and TMA climbed to 51,643 units from 42,034 units in the comparable period a year ago.
The country’s total vehicle sales reached around 212,000 units last year.
While there have been increases in sales and demand for vehicles, the CAMPI said investment decisions for local assembly operations are likely to be deferred without the automotive industry road map.
“The delay in the announcement of a road map slows down decision on further investments in the country,†Gutierrez said.
Board of Investments chairman Gregory Domingo said earlier the government is looking to release the road map for the automotive industry in the first quarter.
He said Cabinet members needed time to look into the incentives offered by other Southeast Asian countries to vehicle assemblers.