THE Chamber of Automotive Manufacturer of the Philippines, Inc. (CAMPI) predicted that the automotive vehicle sector may cross the 500,000-unit sales for 2024, a target set back in 2017.

CAMPI president Rommel Gutierrez noted that reaching the 500,000 units sales this year can be done after combined CAMPI and Truck Manufacturers Association (TMA) sales grew by 22-percent to 429,807 units in 2023. 

It does not include sales of independent industry players.

They said that this will be the first time for the industry to hit the 500,000-mark.

Gutierrez noted that the model introduction of car companies as well as the rosy outlook on Philippine gross domestic product (GDP), and the inflation and the expected ease of lending rates and growth in remittances will support industry sales this year.

He also noted that the Chinese vehicle brands have also applied for membership with CAMPI.

It is expected to improve the official industry sales figures for 2024.

“With their membership, we can already capture more accurate data from Chinese brands, unlike before, we were just estimating,” he added.

They said that to reach the 500,000 units sales this year, the industry needs to grow by at least 16 percent.

Earlier, the Department of Trade and Industry (DTI) forecasted that vehicle sales in the Philippines would reach the 500,000-mark in 2017 and the 1 million units sales by 2025.