Auto sector to exceed target

MANILA, Philippines – The local auto industry is on track to surpassing its target this year, with sales from January to November growing by 3.7 percent, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said yesterday.

“Buyers get to take advantage of the promotions and strong support from auto players as well as banks most especially for those seeking to replace their flood damaged vehicles,” Elizabeth H. Lee, CAMPI president, said.

The full year growth forecast of the industry is 2.3 percent. Lee said they are certain that they will hit the target and even exceed it. Lee said they expect sales to pick up as overseas Filipino workers (OFWs) send more dollars back home while others will need to replace typhoon-damaged vehicles.

“We are keen on tracking the health of remittances as this is a major factor in consumption where the auto industry is a key beneficiary,” Lee said. “ We are likewise upbeat going into 2010 with our official forecast of four percent growth for next year or about 132,000 unit sales against the backdrop of national elections next year.”

Total industry sales for January to December is up 3.7 percent to a total of 118,848 units. November sales dipped by 0.5 percent when compared to October as it sold 12,702 units.

Commercial vehicles (CV) dominated the market with a share of 64.9 percent or 77,111 units while passenger cars (PC) had a 35.1-percent share or 41,737 units.

Total CV sales remain in the growth trend with a 5.3 percent increase in year to date sales. Light commercial vehicles (LCV) showed much strength with a double digit growth of 13.9 percent, selling a total of 47,383 vehicles composed of the popular vans, pick up trucks, and compact wagons. Adding to strong sales are fleet deliveries to the national and local governments.

PC sales year to date grew by one percent. Compared to November last year, PC sales grew 14.6 percent. Continued growth is expected to finish the year for PC sales.

Toyota Motors Philippines dominated the market with 34.7 percent market share or 41,293 units followed by Mitsubishi Motors Philippines Corp. with 17.5 percent or 20,815 units and Honda Cars Philippines Inc. with 13.3 percent or 15,838 units. –Ma. Elisa P. Osorio (The Philippine Star)