Vehicle sales were off to a good start in 2024 with a 15.5 growth in January from the same month in 2023.
This early, industry forecasts that sales this year could reach 500,000 units, higher than its initial conservative estimate of 468,300 units.
Actual sales in 2023 reached 429,807 units.
A joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association showed January sales stood at 34,060 units compared with 29,499 in the same month a year ago.
Commercial vehicles continued to dominate sales ,accounting for 75 percent at 25,614 units.
Passenger cars accounted for the remaining 25 percent with of 8,446 units.
Rommel Gutierrez, Campi president, said the group is optimistic about prospects in 2024 despite inflation risks and the imminent taxation of double cab pickup.
“We are starting off 2024 with positive business and consumer confidence outlook. We see new model introductions and the expansion of electrified vehicle line-up especially in the hybrid electric vehicle segment, and more brands coming into the market,” Gutierrez said.
These are all indications of a strong and vibrant auto market, he added.
Campi is slated to hold the 9th Philippine International Motor Show in the second half of 2024 which would boost sales for the period.