MANILA, Philippines - The robust automotive sales in the country last year may have even expanded larger than expected, industry players said.
Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) president Rommel Gutierrez said collective sales of the local automotive industry last year may have reached between 320,000 units to 330,000 units.
“At the close of 2015, actual results show that the market has already breached the 300,000 mark and has probably reached over 323,000 units,” outgoing Toyota Motor Philippines Corp. president Michinobu Sugata said.
Official industry sales target for 2015 was at 310,000 units but Gutierrez in an earlier interview said sales may hit 320,000 units for the year.
A joint report released last Tuesday by CAMPI and the Truck Manufacturers Association (TMA) showed vehicle sales last year surged 23 percent to 288,609 units from 234,747 units sold the previous year on the back of strong demand for both passenger cars and commercial vehicles.
CAMPI and TMA sales composed 85 to 90 percent of total vehicle sales in the Philippines while the remaining comes from members of the Association of Vehicle Importers and Distributors.
With 2015’s strong sales growth, Gutierrez said the industry is maintaining a conservative sales target of 350,000 units this year.
The growth is seen to be driven by continued strong vehicle demand.
“For now that target is still conservative but we may revise that by the middle of the year depending on indications in the first half of the year,” Gutierrez said.