Auto Industry Keeps Modest Forecast for 2009

After major foreign auto markets experienced large-scale downturn due to recessions caused by the recent global economic crisis, the Philippine auto sector remained cautiously optimistic projecting a two percent conservative growth prospect for next year.

Chamber of Automotive Manufacturers of the Philippines Inc. president Elizabeth H. Lee told The FREEMAN in a statement that they are forecasting only a two percent uptick from 2008 as they are looking at huge possibilities for downturn.

“Growth prospects will slow down; however, it is nonetheless a growth. The conservative growth is dependent on a stable financing environment and relatively strong remittance inflow.  It is hoped that the worst case scenario for the industry is a flat growth but this would still be relatively better compared to the devastating effects of the global turndown on the US auto market,” Lee’s statement reads. Read more

The Year That Was: Local Auto Industry’s Growth Slows in 2008

A government bailout for the Big Three US automakers, the world’s leading carmaker Toyota suffering its first loss in 70 years, and weak sales in the European market. With big players in mature markets in trouble as a result of the slowdown in the world economy, is the Philippine auto industry not far behind?

For 2008, industry insiders are already predicting auto sales to grow much slower than the 18-percent expansion last year, decelerating further to single-digit rate in 2009.

The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI), the umbrella group of the country’s leading motor vehicle assemblers, however, says the local industry is better off than the American and European markets because growth, albeit small, is still expected. Read more

British Research Firm Bullish on RP Vehicle Mart

PHILIPPINE auto sales may grow at a rate that is higher than what the local industry expects, according to a new study by the Business Monitor International Ltd.

The study also indicated that the relatively unserved market segments would boost growth prospects for 2009.

The London-based market research firm said sales could grow by 8 percent, to more than 127,000 units. The projected growth rate, however, is lower than the 18.3 percent posted in 2007.

The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said they were expecting to sell only 125,000 units this year, or a growth rate of 6 percent. Read more

Isuzu Philippines Won’t Expand, May Raise Prices in 2009

The local unit of Japanese car maker Isuzu does not plan to expand next year, as it expects slowing sales due to a slowing global economy.

Isuzu Philippines Corp. which, like other manufacturers has enforced cost-cutting measures to cope with the crisis, may also hike car prices next year due to a weakening peso, which makes imported parts more expensive.

Still, the company expects to maintain sales figures next year. Isuzu expects to sell around 10,000 cars this year. Read more

CAMPI: Philippine Auto Sales up 8.3% in First 11 months

Automotive sales went up by 8.3 percent to 114,564 units in the first 11 months of this year from 105.771 units in the same period last year despite a 7.7-percent drop in the November sales performance.

“The Philippine auto industry’s year to date growth rate is a stark contrast to that of the largest auto market — the US where the November auto sales plunged another 35 percent, the lowest in two decades,” Elizabeth H. Lee, Chamber of Automotive Manufacturers of the Philippine (CAMPI) president said. Read more

Car Makers Ask Government to Spell Out its Plan

The government must give the public specific measures on how the country will deal with the looming economic slowdown as a result of the crisis that has sent a number of rich nations into recession, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said over the weekend.

“The government still has not made any substantial statement,” Melchor R. Dizon, CAMPI vice president said. Read more

Local Car Industry Lists Reasons for Bullishness in 2009

Consider these: low car-to-people ratio, returning overseas workers who will be looking for new sources of livelihood, local banks still enjoying liquidity and the rising income of Filipinos.

These factors inherent to the Philippine market are what, local automakers say, kept them confident these days—even if their counterparts in the developed economies are already frowning.

Elizabeth Lee, president of the Chamber of Automotive Manufacturers of the Philippines Inc., said the growth potential in the country remains very high amid the worsening financial and economic crisis. Read more

Demand for Vans, Pickups to Keep Local Carmakers Afloat in 2009

Demand for vans, utility vehicles, and pick-up trucks will keep the Philippine automotive industry afloat amid the anticipated economic slowdown in 2009.

Appetite for commercial vehicles will result in a four percent sales growth next year, lower than the industry’s year-to-date expansion of ten percent, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said. Read more

Philippines Auto Sales Up 10% in First Ten Months

Auto sales went up by 10 percent during the first 10 months of this year as local automakers predicted they will be posting the highest yearend sales in a decade.

A joint statement of the Truck Manufacturers Association (TMA) and the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) showed that total vehicle sales from January to October stood at 104,757 units, up from 95,242 units sold during the same period last year.

However, on a month-on-month comparison sales showed a decline of 2.9 percent. Read more

Car Firms Expect Flat Growth in 2009 as Crisis Hits

The Philippine car industry expects sales to slow next year as a result of a global economic downturn which threatens to cut consumer spending, especially among families dependent on relatives working abroad.

But for the moment, the Chamber of Auto Manufacturers of the Philippines, Inc. (CAMPI) remains confident that its 2008 sales target of 125,000 vehicles — “the most in more than a decade” — will still be met. Read more

Next Page »