MANILA, Philippines - The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) expects the country’s total vehicle sales to breach its forecast of 250,000 units this year given the strong economic growth and strong visitor turnout at last month’s Philippine International Motor Show (PIMS).
“It is possible (to exceed the forecast). The trend has been positive so far,” CAMPI president Rommel Gutierrez told reporters.
“260,000 units (this year) is achievable and a good figure,” he said.
Gutierrez noted that the country’s positive economic backdrop, growth in overseas Filipino workers’ remittances and the aggressive promotions being undertaken by car companies are expected to allow the industry to surpass the 250,000-unit forecast for the year.
The 5th PIMS held last month is also expected to contribute to the industry’s sales performance for 2014 as visitors to this year’s event doubled to 90,000 compared to the previous show.
This, even as this year’s four-day PIMS was closed to the public for one day due to tropical storm Mario.
“This shows that there is strong interest to buy cars,” Gutierrez said.
The seasonal increase in car sales during the Christmas season is likewise seen to support higher sales this year.
Should sales reach 260,000 units this year, he said total vehicle sales could hit 300,000 units next year.
The CAMPI expects the uptick in vehicle sales to continue in the next two years as the country sustains its strong economic performance.