Total vehicle sales are seen growing 10.4 percent this year, the joint projection of industry groups.
Rommel Gutierrez, president of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi), said total industry volume is forecast to reach 408,300 units from 369,981 units sold in 2022.
Gutierrez said the projection includes units sold by members of Campi, Truck Manufacturers Association, Association of Vehicle Importers and Distributors and MG Motors Philippines (Morris Garages).
Gutierrez said members of Campi and TMA remain optimistic sales will further grow by 10 to 15 percent towards the 395,000-unit sales mark this 2023 from the actual sales of 352,596 units recorded last year.
This will be higher than pre-pandemic levels, only second to 2017 sales performance, a year prior to the implementation of excise tax under the Tax Reform for Acceleration and Inclusion (TRAIN) law.
“Favorable various economic indicators are prevailing, leading to improving the overall outlook of the economy alongside increasing consumer demand for new motor vehicles,” Gutierrez said.
A joint report of Campi and TMA yesterday showed sales in the first two months of 2023 jumped 34 percent to 60,404 units from
In February, sales rose 27 percent in February to 30,905 units, equivalent from 24,304 units recorded in the same month in 2022.
“The industry demonstrated anew positive sales growth, a clear indicator of a continuously progressing auto industry from the course of the pandemic,” Gutierrez said.
Sales of passenger cars in the first two months went up 25.6 percent to 14,695 units from 11,698 units in the same period in 2022.
Commercial vehicles delivered strong results with sales jumping 37 percent to 45,709 units from 33,371 a year ago. This segment accounted for 74 percent of total sales.
Light trucks sold 808 units, up 11 percent from 725 units while trucks and buses sold 626 units versus 667 units last year, down 6 percent.
