MANILA – The Philippine automotive industry is expected to breach the one-million annual unit sales starting 2025, a trade official said Wednesday.
“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,” Department of Trade and Industry (DTI) Assistant Secretary Rafaelita Aldaba said during the Manufacturing Summit 2017.
“By 2025, 2026, 2027, forecasts show that the Philippines will be reaching one million units (in sales),” Aldaba added.
Among the policies introduced by the DTI to support the local manufacture of vehicles is the Comprehensive Automotive Resurgence Strategy (CARS) Program, which targets to revive automotive manufacturing, increase employment in the sector, attract investments, make the country a regional car production hub, and build domestic scale.
The government is allocating PHP27 billion over a period of six years to support the local production of vehicles and the manufacture of strategic parts, particularly those that are not yet produced in the country.
Two major car companies have joined the program -Toyota Motor Philippines (TMP), for the manufacture of its Vios model, and Mitsubishi Motors Philippines Corp. (MMPC), for the production of its Mirage cars.
Industry players aim to sell 450,000 units by the end of the year.