The global automotive industry may be all shaky but Philippine car manufacturers remain optimistic about posting growth of as much as four percent this year.
As other car markets project a drop in sales, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) said the worst-case scenario for the domestic market is a flat performance against 2008's total sales of 124,449 units.
CAMPI president Elizabeth H. Lee said sales could hit 130,000 units this year as the 2008 trend of high overseas Filipino remittances and strong entrepreneurship continues despite the economic slowdown.
"Vehicles that give the greatest value for money will be winners as buyers seek to get the most out of their earnings. Dual purpose vehicles will continue to be popular," Lee told reporters on Thursday.
It may be recalled that in 2008, 64.3 percent of the vehicles sold were for commercial use, including Asian utility vehicles and light trucks.