CAR SALES this year are now projected to top 2009 levels by 11%, better than the 4% growth forecast made earlier, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) said in a statement yesterday.
The industry group revised its 2010 outlook, as sales in the first five months had already grown by more than a third from year-ago levels.
Aggressive car loan packages, strong inflows of remittances from overseas Filipino workers, and improved business confidence stemming from the peaceful conduct of elections will drive growth towards the new 147,000-unit yearend sales target, the group said.
Sought for comment, University of the Philippines economist Benjamin E. Diokno said in a text message the 11% sales growth forecast “appears reasonable.”
Mr. Diokno expressed caution, however, as the surge in sales in the first quarter “was larely for replacing damaged cars owing to typhoons Ondoy and Pepeng and for election purposes.”
So far, sales of 20 car firms as of May have hit 66,958 units, up 36.6% from yearago levels, according to industry data released yesterday. Commercial vehicles, which accounted for two-thirds of the five-month total, grew 40.5% to 44,212 units. Passenger car sales stood at 22,746 units, a 29.8% improvement. Car sales in May alone amounted to 13,995 units, a 33.9% increase from the same month last year.
“With the industry’s healthy performance for the first five months of the year, CAMPI has adjusted its forecast from the previous 4% growth to 11% reflecting total yearend sales of 147,000 units,” CAMPI said.
Commercial vehicles will likely account for 65% of this yearend projection, with passenger cars accounting for the rest, the group said. — J. A. D. Hermosa, Businessworld
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