Top leaders of automotive firms in the country are bullish about the Philippine automotive industry, which is expected to breach the 500,000-unit-per-year sales mark as early as 2018—two years ahead of the revised target set by the government.
According to Japanese and Filipino CEOs polled by the Inquirer during the 6th Philippine International Motor Show (PIMS), more models and investments are set to flood the market over the next four years on the back of a more robust economy and improved purchasing power.
One top executive opined that vehicle sales this year may even breach 390,000 units—higher than the 370,000-unit forecast made by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi).
Yoshiaki Kato, president and CEO of Mitsubishi Motors Philippines Corp., said in an interview that based on current trends and market growth, it would be possible that the local industry would sustain a double digit growth up to 2020, enabling vehicle sales to exceed 500,000 units by then.
MMPC, according to Kato, is expected to mirror the same kind of growth driven largely by several key models including the new Mirage and the Montero Sport, which is selling well despite the controversies hounding the said nameplate. There are also plans, he added, to bring the Mitsubishi PHEV a hybrid electric vehicle.
In a separate interview, Toyota Motor Philippines president Satoru Suzuki expressed confidence that local vehicles sales can exceed the 500,000-unit target by 2020.
“I’m sure it can be achieved if the current situation continues and if there won’t be any sudden changes in the current situation including regulation and political movements. For Toyota, we have to catch up and we will try to keep our 40 percent market share, which means that our sales target for 2020 can be 200,000 units based on the 500,000 unit target,” Suzuki told the Inquirer.
He was quick to note however that their sales and market share will still depend on demand.
Suzuki also bared their “strong intention to invest more” in their assembly facilities in Laguna. This was on top of the more than P3-billion investment that the company is rolling out under the Comprehensive Automotive Resurgence Strategy program.
Similarly, Honda Cars Philippines Inc. president Toshio Kuwahara told the Inquirer that they are hopeful that the industry will sustain its double digit growth.