PH auto industry 'hopeful' for sales uptrend

MANILA:The Philippine automotive industry is hopeful for the continuation of the upward trend of the local car market.

Chamber of Automotive Manufacturers of the Philippines Incorporated President Rommel Gutierrez expressed his outlook during this year’s Society of Philippine Motoring Journalists (SPMJ) Forum — which was recently renamed the Butch Gamboa Memorial SPMJ Forum in memory of the organization’s late Chair — while looking back at the Philippine auto market’s performance last year.

“CAMPI just released officially today the figures for 2023. It’s 400,000 — almost 430,000. We are now at pre-pandemic levels for the first time so we hope that it will continue and we are confident that we will restore or we will be able to continue the trend at that time with a double-digit figure annual growth,” Gutierrez said at the assembly.

“I truly believe that the trend will continue, the growth path is very positive, and there will be more new models coming including improved models,” he added.

True enough, the Philippine automotive industry is expecting a handful of new models as well as updated versions of existing nameplates this year.

Later this month, Suzuki will launch the five-door version of the Jimny off-road sport utility vehicle. Likewise, the Mitsubishi Triton — which will replace the Strada — will be out this month.

Other confirmed launches include the Hyundai Santa Fe, the GAC M8 and M6 Pro, as well as the MG Cyberster.

The CAMPI head also pointed out that Toyota will be launching the locally-made Tamaraw this year, a vehicle that will cater to the country’s business owners and fleet operators thanks to its versatility and flexibility.

“Toyota is excited also this year because they will be launching a model — locally produced model — that will cater to small businesses. We have to support local manufacturing. So, the industry is excited because manufacturing, local production is still very much alive in this country so we have to continue supporting this endeavor,” Gutierrez noted.

Also sharing his observations was Bank of the Philippine Islands Retail Lending and Bancassurance Head Dennis Fronda, who revealed that the financial institution is seeing an upward trend in terms of car loans.

In fact, electric vehicles and cars from Chinese brands also continue to increase.

Per the data shown by Fronda, BPI’s released loans for electric vehicles grew from three to four percent from 2022 to 2023 while loans for Chinese vehicle brands went from 15 to 16 percent in the same time period.

Though not disclosed, the brands that might have contributed to the increased sales might include names like Geely, Changan, and BYD.

Photos from Juan Paulo Papa, Ruben Manahan IV, and Patricia Daezel Tenorio

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