The Philippine automotive industry is confident of full recovery this year with sales expected to grow 10-15 percent higher than the 2022 performance to exceed the pre-pandemic level, according to a top industry official.

Rommel Gutierrez, president of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI), said the optimism is based on firmer industry growth indicators posted last year and in the first month of the year.

“We are certain to hit the pre-pandemic level this year. We have seen the trajectory of sales growing last year, in fact January was a good indicator of what is to come this year,” he said noting that the industry finished 2022 with total sales of 350,000 units already, a small gap from the 369,000 units sold in 2019 or before the pre-pandemic.

“Really a small gap, so we are confident that we hit 2019 level this year,” he added.

Aside from the encouraging sales performance, Gutierrez said there is pent-up demand in the local market. In addition, supply continues to improve. “In fact, we have many models coming this year so that will really boost the sales for all brands,” he said.

“All brands are really preparing this year’s full recovery,” he added.

There still remain some challenges in terms of supply challenges for some models, especially those Japan-sourced as they are still affected by the shortage of microchips.