The Chamber of Automotive Manufacturers Association of the Philippines Inc. (Campi) sees sales hitting the half a million mark this year, according to its president Rommel Gutierrez.
The industry just needs to grow 16 percent this year to hit 500,000 units.
That is a modest growth compared to the 21.9 percent increase in 2023 of 429,807 units.
Gutierrez said the industry will be driven by new model introductions, tempered inflation and overseas remittances on the back of a robust growth of the economy.
Gutierrez said Campi has welcomed four Chinese brands into the group which will enable it to capture more accurate data.
Vehicle sales posted full recovery in 2023 , a record-breaking year.
Sales last year also surpassed pre-pandemic volume in 2019 of 369,941 units.
