Automakers raise 2016 sales forecast

MANILA, Philippines - The local automotive industry looks headed to a record-setting sales performance this year as manufacturers ride high on the strong growth of the country’s economy.

Total industry sales target has been raised to 370,000 units by year-end from the 350,000-unit sales forecast set at the start of the year and a mid-year revision of 360,000 units.

“As we approach the fourth quarter of 2016, we are optimistic that we will reach our target of 370,000 units on the back of economic expansion and growth of the middle class. The growth of the economy bodes well for the automotive industry which accounts for 12 percent of the industrial sector output and four percent of the total gross domestic product of the previous administration according to industry estimates,” Chamber of Automotive Manufacturers of the Philippines Inc. president Rommel Gutierrez said yesterday.

Such optimism surrounding the industry has prompted several automotive players to jack up their respective sales goals for this year, while others indicated confidence in achieving earlier targets.

Isuzu Philippines Corp. (IPC) is increasing its original target of 24,300 units to over 27,000 units this year, company marketing head Joseph Bautista said.

“We are raising our target because of the D-max and very positive sales of mu-X and Crosswind.

Even trucks are selling well, we were surprised that we are growing at about 30 percent for trucks,” Bautista said.

Toyota Motor Philippines Corp. last month also decided to hike its year-end target to 155,000 units from an original forecast of between 145,000 to 150,000 units.

Mitsubishi Motors Philippines Corp. (MMPC), meanwhile, is confident of selling more than 60,000 units for the entire year. The company sold a total 54,087 units in 2015.