With more than four months left before 2024 ends, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) is optimistic that sales would hit the 500,000 mark this year, the first time that the local auto industry will reach this level.

CAMPI president Rommel Gutierrez said in a press conference in Taguig City Monday that the current momentum in the local market will help the industry hit and even exceed its “conservative target” of 468,300 units this year.

Gutierrez said that from January to July this year, sales of local vehicle assemblers, which include sales from members of CAMPI and Truck Manufacturers Association (TMA), rose 10.9 percent to 265,610 units from 239,501 units in the same period last year. This, does not include sales of the group of vehicle importers and distributors.

“This impressive growth is a testament to the confidence and support of our consumers,” he said.

“We are optimistic about surpassing this goal and potentially reaching 500,000,” Gutierrez added.

This was also echoed by Japanese carmaker Toyota, the leading nameplate in the Philippine market.

Toyota Motors Philippines president Masando Hashimoto said in the same event that the company is optimistic on its growth in the country, given its strong gross domestic product (GDP) expansion and increasing per capita GDP.

“I think, if we view the total market for regional momentum of the market, among ASEAN countries, only the Philippines is showing a clear growth year-on-year compared to last year,” Hashimoto said.

“We are quite optimistic for the future growth from now on and for the next two or three years, we still have quite bright future. In terms of volume and demand momentum, it’s with us,” he added.

Meanwhile, CAMPI will hold the 9th Philippine International Motor Show (PIMS) at the World Trade Center from Oct. 24 to 27. (PNA)