MANILA, Philippines – Auto sales are expected to grow by 10 percent this year from last year on the back of the country’s strong economic performance.
Chamber of Automotive Manufacturers of the Philippines Inc.(CAMPI) president Rommel Gutierrez said in a text message that they expect sales to reach 172,000 units this year.
Last year, CAMPI sold 156,649 units, up 11 percent from 2011 due to an increase in purchases of both commercial vehicles and passenger cars as well as the influx of new models and availability of competitive financing schemes.
The group said that last year’s growth could have even been higher if not for supply constraints in the first quarter as a result of heavy flooding in Thailand in 2011.
For this year, Gutierrez said the higher sales will be driven by the “sustained economic growth, (and as) GDP (gross domestic product) per capita (is seen) to reach $2,500.”
He said growth in remittances from overseas Filipino workers, election spending and overall positive economic outlook, are likewise seen to allow the group to achieve higher sales this year.
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On expectations of continued positive economic conditions, car firms are also looking to introduce new models in the market.
Gutierrez said total industry sales are likewise expected to rise, hitting 200,000 units this year.
Total industry sales in 2012 stood at 184,248 units.
Total vehicle sales last year posted an 11.6 percent increase from 2011 due to the strong demand for both passenger cars and commercial vehicles.
