New Market Research Report: Philippines Autos Report Q3 2014

According to the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA), vehicle sales in the Philippines rose 19.9% year-on-year (y-o-y) in April 2014, to 18,094 units. This brought sales for the first four months of 2014 to 69,737 units, an increase of 22.1% y-o-y.

While we are maintaining our CV sales forecast for the full year, passenger car sales have been growing from strength to strength, prompting us to upgrade the segment's sales forecast. We now forecast passenger car sales to grow 22.0% versus 13.0% previously, which will revise our 2014 total vehicle sales growth forecast from 11.6% to 14.7%.

April's car sales were helped by the extension of summer promotions by automakers and we expect sales to remain strong over the course of the year, supported by the country's strong economic growth outlook. Our Country Risk team maintains its 2014 real GDP growth forecast of 6.3% despite a weaker than expected growth print posted in Q114 ( see ' Still Positive Despite Disappointing Q114 GDP Print', May 30).

Full Report Details at
- http://www.fastmr.com/prod/841294_philippines_autos_report_q3_2014.aspx?afid=301

Furthermore, we expect the availability of affordable consumer credit on the back of low interest rates to continue to be a tailwind for passenger car sales, a trend we expect to extend well into 2015. Therefore, we have also upgraded our 2015 passenger car sales forecast from 10.0% to 15.0%.

Upcoming Initiatives Could Provide Further Boost

Another factor supporting our more favourable outlook for the auto industry is recent reports suggesting the strong likelihood of the release of new strategic policies by the government over the next few months, which will lay out the roadmap for the sector.

While the announcement of incentives under the National Automotive Manufacturing Industry Strategy has already been delayed (the updated policy was supposed to be released in H213), local carmakers such as Toyota Motor Philippines Corporation (TMP) have increased their capital investments this year in anticipation of...

The Philippines Autos Report features the latest data and forecasts covering production, sales, imports and exports.

Business Monitor International (BMI)'s Philippines Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Philippines.

Key Benefits

* Benchmark BMI's independent automotives industry forecasts on Philippines to test other views - a key input for successful budgetary and planning in the Philippine automotives market.
* Target business opportunities and risks in the Philippine automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Philippines.

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