The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) is targeting total sales of 500,000 units this year from 429,807 units sold in 2023 on bullish economic outlook. 

CAMPI President Rommel Gutierrez said that sales growth this year would be driven by the introduction of new models, gross domestic product, controlled inflation and tempered interest rate.   

The organization also has four new Chinese company members with electric vehicle (EV) models to help bolster overall sales. 

Once the government extends the same pure EV tax incentives to hybrid cars, Gutierrez said this could further contribute to sales. The Department of Energy is already reviewing Executive Order 12, which modifies the tariff rates for EVs to help mainstream its use among Filipinos. The EO lowers the tariff rate for certain types of EVs. 

“We already submitted our position to include hybrid cars,” he said adding they expect a government decision in the first quarter this year. 

Similarly, Gutierrez said they are still awaiting for the issuance of an EO that will extend of the Comprehensive Automotive Resurgence Strategy (CARS) program, which aims to revive the domestic automotive manufacturing sector.

Two car companies – Toyota Motor Philippines and Mitsubishi Motors Philippines - qualified for incentives under the program, which was signed in 2015. Under the program, both firms will locally produce 200,000 units of the Toyota Vios and the Mitsubishi Mirage models over a six-year period. 

The Philippine government allotted P27 billion in fiscal incentives under the program.