Campi reports 6% growth in 9-month vehicle salesBy Riza T. Olchondra
Philippine Daily Inquirer
Vehicle assemblers belonging to the Chamber of Automotive Manufacturers of the Philippines (Campi) posted a 6-percent year-on-year sales growth in the first nine months of the year.
Campi reported that vehicle sales rose to 111,582 from January to Septermber from 105,306 units in the same period last year. “Manufacturers have made up for lost sales opportunities in August brought about by the heavy monsoon rains,” the group said in a statement.
For September, Campi members sold 12,856 units, 2.8 percent higher than the 12,509 units in the same month last year. Campi said this provided a great momentum coming in to the last quarter of the year.
For the nine-month period, Toyota Motor Philippines continued to dominate the market with a share of 41.5 percent, followed by Mitsubishi Motors Philippines Co., with 22.3 percent, and Honda Cars Philippines Inc., with 8.3 percent.
Campi president Rommel Gutierrez noted that the industry ended the third quarter on a high note providing momentum for the last quarter of the year.
“I am optimistic that Campi will achieve its yearend target because of the country’s positive economic indicators coupled with the fact that the last quarter of the year is seasonally high in terms of sales,” Gutierrez said in a statement.
“Although the industry performance at the start of 2012 was slow due to limitations in supply, third-quarter results have shown otherwise. I am certain that by the end of the year, the industry will outperform last year’s total,” Gutierrez added.
Campi officials earlier said its members expected higher-than-target sales for 2012 as improved economic conditions prompt buyers to go ahead with the purchases they held back earlier in the year. The group has raised its sales forecast for 2012 to more than 185,000 units.
The Philippine automotive manufacturing industry is one of the Philippines’ few remaining major industries, accounting for 12 percent of the total industrial sector output and 4 percent of gross domestic product in 2011 alone, according to data from the National Statistical Coordination Board.
For every P1 increase in consumption or investment, spending for motor vehicles results in P3.67 worth of extra output in the economy.
Short URL: http://business.inquirer.net/?p=86538