The Philippine automotive industry said that they are looking to sell some 500,000 vehicle units this year.

They said that this is due to the international motor show that is scheduled in the second half of the year.

According to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) they expect sales to grow by 9% to 468,300 units this year from the 429,807 units sold in 2023.

This will also increase to 500,000 units as CAMPI hosts the Philippine International Motor Show (PIMS) scheduled later this year.

“We are starting off 2024 with positive business and consumer confidence outlook,” CAMPI president Atty. Rommel Gutierrez said in a statement.

“We see new model introductions and the expansion of electrified vehicle line-up, especially in the hybrid electric vehicle segment, and more brands coming into the market,” he added.

It will be recalled that under Executive Order 12 that was issued by President Ferdinand R. Marcos Jr. last year, the import duties for electric vehicles were aligned with those imposed on Most Favored Nations (MFN) at 0%, down from 5% to 30% previously.

Presently, the EO is under review with the National Economic and Development Authority (NEDA) pushing to include electric motorcycles in the tariff exemption to “help Filipinos choose sustainable means of transportation.”