MANILA, Philippines - The local automotive industry has raised its sales target to 175,000 units, a 32% growth over 2009, given strong market demand.
The new target is much higher than the original 4% growth to 137,742 units set by the industry early this year.
Vehicle sales continued their upswing in the first 3 quarters of 2010, growing 35.9% to 129,901 units from 93,385 units in the same period last year.
"Sales for the last quarter should remain healthy as consumer and business confidence remains steady," said Elizabeth Lee, president of the Chamber of Automotive Manufacturers of the Philippines Inc.
Lee said they will have to sell an average of 11,700 units monthly this quarter to achieve the new goal.
She added they are banking on robust remittances from overseas Filipinos, friendly financing schemes, and effective promotions to drive car sales.