SPMJ forum: PH auto industry looks to continue upward market trend

The Philippine auto industry is looking to continue the upward market trend it experienced last year.

During the Society of Philippine Motoring Journalists (SPMJ) Forum — recently renamed as the Butch Gamboa Memorial SPMJ Forum in honor of the organization’s late Chair — Chamber of Automotive Manufacturers of the Philippines Incorporated (CAMPI) President Rommel Gutierrez noted that members of the carmakers’ association have seen good results in 2023.

“CAMPI just released officially today the figures for 2023. It’s 400,000 — almost 430,000. We are now at pre-pandemic levels for the first time so we hope that it will continue and we are confident that we will restore or we will be able to continue the trend at that time with a double-digit figure annual growth,” Gutierrez stated.

“I truly believe that the trend will continue, the growth path is very positive, and there will be more new models coming including improved models,” he added.

Like what the CAMPI President said, various car brands are slated to release various models this year. The five-door Suzuki Jimny and the Mitsubishi Triton, for example, are set to make their Philippine debuts this month.

Further, models like the Ford Bronco, the Hyundai Santa Fe, the MG Cyberster, as well as the GAC M8 and M6 Pro, are expected to be launched anytime in 2024.

Gutierrez also noted that Toyota will be launching the locally-made Tamaraw in 2024. Released earlier in Thailand in late 2023, the returning moniker will cater to the country’s small business enterprises and fleet operators thanks to its versatility and flexibility.

“Toyota is excited also this year because they will be launching a model — locally produced model — that will cater to small businesses. We have to support local manufacturing. So, the industry is excited because manufacturing, local production is still very much alive in this country so we have to continue supporting this endeavor,” the CAMPI head said.

Similarly, Bank of the Philippine Islands Retail Lending and Bancassurance Head Dennis Fronda shared his observations — revealing that the financial institution is seeing an upward trend in terms of auto loans.

Notably, the sales or loans taken up by the bank’s customers show that electric vehicles and China-made cars are slowly becoming viable options for car buyers in the Philippines.

Per the data shared by Fronda, BPI’s released loans for electrified cars grew from three to four percent from 2022 to 2023. Meanwhile, loans for Chinese vehicle brands went from 15 to 16 percent in the same time period.

While it was not disclosed, the brands that could have contributed to the increased sales of Chinese cars might include names like Geely, Changan, and BYD.

Photos from Juan Paulo Papa and Ruben Manahan IV

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