The Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and Truck Manufacturers Association (TMA) expressed optimism that the local auto industry’s sales for this year would exceed pre-pandemic levels.
Campi and TMA said they expect vehicle sales for 2023 to reach 395,000 units, a level that is also higher than last year’s 352,596 units.
“Members of CAMPI and TMA remain optimistic that it will further grow by 10 to 15 percent, heading towards the 395,000-unit sales mark this 2023 from the actual sales of 352,596 units recorded last year,” Campi President Rommel R. Gutierrez said in a statement on Monday.
According to CAMPI-TMA, their sales forecast for this year is higher than the pre-pandemic levels, second only to the industry’s performance in 2017 or a year prior to the implementation of excise tax under the Tax Reform for Acceleration and Inclusion (TRAIN) law.
Data from the joint report released by the two groups in January 2020 showed that the industry finished 2019 with 369,941 units.
As car sales in February rose by 27.2 percent year-on-year, Gutierrez said the industry is “continuously progressing from the course of the pandemic.”
A joint report released by Campi and TMA on Monday indicated that new motor vehicle sales for February reached 30,905 units, higher than the 24,304 units recorded a year ago.
In the first two months of 2023, Campi-TMA sold 60,404 units, 34 percent higher than the previous year’s level.
On a monthly basis, data indicated that car sales grew by 4.8 percent to 30,905 units in February from 29,499 units in January.
Among all the vehicle segments, the Asian utility vehicle, commercial vehicle, and light commercial vehicle posted gains last month.
In contrast, sales of trucks and buses fell by 39.4 percent year-to-date to 100 units from the 165 units recorded last year.
Toyota Motor Philippines Corp. led year-to-date sales with 28,299 units, followed by Mitsubishi Motors Philippines Corp. with 10,656 units, and Ford Motor Company Phils. Inc. with 4,171 units.
According to Gutierrez, “favorable various economic indicators are prevailing, leading to improving the overall outlook of the economy alongside increasing consumer demand for new motor vehicles.”
In an interview with reporters last February, the Campi chief said the industry is banking on pent-up demand and the “many models” which would boost sales. He said “the auto industry is optimistic of its continued expansion from the demand-side standpoint.”
Gutierrez, however, said the industry is “mindful” of supply-side challenges which may hamper growth. He noted that some car models, especially those sourced from Japan, are still affected by the shortage of microchips.
Campi-TM said total industry sales forecast for the year is 408,00 units, which includes exclusive members of the Association of Vehicle Importers and Distributors and MG Motors Phils. (Morris Garages).