The Chamber of Automotive Manufacturers of the Philippines Inc. or CAMPI is conservatively predicting a 10 to 20 percent increase in sales figures for 2024 over their 2023 performance.
CAMPI President Atty. Rommel Gutierrez told industry players in a forum organized by the Society of Philippine Motoring Journalists or SPMJ that motor vehicle sales for 2023 reached over 429,000 units, a 21.9% growth over 2022 sales.
Most of these sales came from OFW’s, bonuses, and the increased employment rate according to Gutierrez.
At the same forum, now called the Butch Gamboa Memorial Transportation Forum, in memory of the late Ray Butch Gamboa, considered to be the father of the local motoring reporter beat, BPI lead economist Jun Neri made a bold declaration that the Philippines will buck the global trend in economic performance and post growth contrary to world estimates of a slow down.
What we are actually see as the biggest mover for the Philippine industry are the aggressive efforts of the Chinese brands penetrating the local car market and the huge push of most car companies – and even the government – towards electric and hybrid vehicles,” says Neri.
With the economic situation as it is, Neri believes the Philippine economy will do better than most other countries and might even be a top performer in the ASEAN region economic growth wise.
With inflation rate going down to 3.9% for December and looking to stabilizing, both CAMPI and Neri believes now is the time for banks and other financial institutions to be aggressive in pushing for their car loan program and for those who intend to buy cars to consider making a purchase this year.
The 1st Butch Gamboa Memorial Transportation Forum was held at the PITX Tower 2 Conference Center and attended by major automotive executives.
By the way, BPI said we should look out for their new promos because right now they are extending their loan program from the regular 5-years to up to 7-years. If that does not get you excited, then very few things will.
