Car sales to grow by 17.5 pct in 2014

MANILA, Philippine (Xinhua) - Car sales could grow by 17.5 percent on year to 250,000 units as the country's economic growth would sustain consumers' demand for cars, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) said today.

CAMPI President Rommel Gutierrez said during the media launch of the Fifth Philippine International Motor Show that the latest projection for car sales this year is 9 percent higher than the group's original forecast of 230,000 units.

Gutierrez said the projected sales of the auto industry this year includes that of distributors of imported vehicles.

Last year, total sales of the local auto industry reached 212, 682 units. Car assemblers accounted for 181,290 units while distributors of imported cars sold 31,392 units.

Gutierrez said the Philippine auto industry has posted double- digit increases in sales in the last three years.