August 20, 2024 | 12:00am
MANILA, Philippines — The country may see motor vehicle sales hit a record high of 500,000 units this year, to be supported by consumer demand and new vehicle launches, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI).
“For 2024, we have set a conservative target of 468,300 units in sales. However, with the excitement and momentum leading up to the PIMS (Philippine International Motor Show), we are optimistic about surpassing this goal and potentially reaching the 500,000-unit mark,” CAMPI president Rommel Gutierrez said in a press conference yesterday.
Should motor vehicle sales hit 500,000 units this year, he said this would be the highest level ever reached.
The CAMPI is set to hold the ninth PIMS on Oct. 24 to 27 at the World Trade Center Manila to showcase the latest automotive innovations, cutting-edge vehicle models and groundbreaking concept cars.
Gutierrez said CAMPI is encouraged by the 10 percent growth in sales in the first half of the year from the same period in 2023.
Latest data from the CAMPI showed its combined sales with the Truck Manufacturers Association rose by 10.9 percent to 265,610 units in the January to July period of this year from 239,501 units in the same period last year.
“It’s really a good sign that the industry is really gaining momentum. So we hope that it will continue at least in the second half and give us a basis for a better projection next year,” Gutierrez said.
He said motor vehicle sales usually pick up in the months leading to December.
The country’s leading automotive firm Toyota Motor Philippines Corp. (TMP) is also confident that the industry may hit a sales milestone this year.
“One of the reasons is the healthy growth of finance or the new car model introduction to the market…There are several factors there, but we are all very much confident in this year’s market,”TMP president Masando Hashimoto said.
Gutierrez told reporters that 60 percent of the vehicle sales in the country are coming from the provinces, with Regions III and IV driving the growth.
“Even the setting up of dealers, this is being done in the provincial area,” he said.
While CAMPI has an optimistic outlook, Gutierrez said uncertainties in government policies and the exchange rate pose challenges to the industry and may affect sales growth.
In terms of government policies, he said the industry is closely monitoring developments on the proposal to lift the excise tax exemption on pickup trucks.
Hashimoto said sustaining a business environment that would support vehicle manufacturing operations in the country is also seen as a challenge.
“This is not a short-term challenge, but if you look at the long-term industrial growth, how to make sustainable business environment in terms of the production, this is really key to everyone, especially to Toyota,” he said.
Gutierrez said the upcoming PIMS would feature both electrified and internal combustion engine vehicles.
Automotive brands participating in the PIMS are BMW, Changan, Chery, Daewoo, Foton, Ford, Honda, Hyundai, Isuzu, Jetour, Kia, Mazda, MG, Mitsubishi, Nissan, Suzuki and Toyota.
“This year’s PIMS embodies CAMPI’s bold vision of uniting the automotive industry and leading the way in redefining advanced, inclusive mobility for all Filipinos. We are excited to showcase the innovations that will shape the future of transportation in the country,” Gutierrez said.
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