Eric Tipan / AutoIndustriya.com | December 01, 2017 09:32
Annual Philippine auto sales forecasted to more than double in 7 years
If you think the sheer volume of vehicles on the road right now is outrageous, well it’s not just because it’s December already and Christmas is just around the corner.
Save for a 1.8% decline in July sales compared to June, 4.4% in August sales compared to July and a 2.4% reduction of September sales compared to August, the year in total has seen marked increase in auto sales indicating positive growth for the industry.
The positive movement of the auto market shows no signs slowing down and the Department of Trade and Industry (DTI) expects it to more than double in just seven years.
"The growth of the industry has continued to increase with sales reaching 400,000 units in 2016, four times the sales a decade ago, while growth rate is at 24 percent," said DTI Assistant Secretary Rafaelita Aldaba.
With the help of the Comprehensive Automotive Resurgence Strategy (CARS) Program and government support in the form of Php 27 billion over the next six years, the auto industry is expected to breach the 1-million annual mark by 2025.
"By 2025, 2026, 2027, forecasts show that the Philippines will be reaching one million units (in sales)," added Aldaba.
Revival of the local auto manufacturing, which will create more jobs, attract investments will be a big factor in pushing the auto industry forward.
Currently, Toyota is manufacturing the Vios locally, while Mitsubishi has already begun domestic production of the Mirage.
The industry is expected to end 2017 with nearly 500,000 units sold.