THE Philippine automotive industry has developed what it calls “vision 2020,” which aims to boost automobile production to 500,000 in the next four years.
“In reaching this target, we’re guided by the growing domestic demand for automobiles fueled by the steady growth and income,” said Rommel Gutierrez, the president of the Chamber of Automotive Manufacturers of the Philippines Inc (Campi) at a press conference during the 6th Philippine International Motor Show (PIMS).
Campi, he said, has exceeded its 2015 target of selling 300,000 units. And in the first half of 2016, Campi members have sold 167,481 vehicles, more than half of the 2015 sales. “We are optimistic that we will reach our target of 370,000 units in the back of economic expansion and growth in the middle class.”
“Together with the government, we will work to increase the manufacturing sector share and total gross domestic product from 23 percent to 30 percent with employment increase from 9 percent to 15 percent,” Gutierrez added.
Earlier, Gutierrez said “There has been a sustained growth since the start of the year. We remain confident in achieving our initial target for the year with continued supply of vehicles, attractive promos and affordable financing scheme, among others.”
The 6th PIMS on September 14 to 18, at the World Trade Center Metro Manila will showcase the latest automotive technologies. Gutierrez described this annual show as proof of the continuing strong state of the country’s automotive industry.