THE president and managing director of Sony Philippines, Nobuyoshi Otake, said the company is seeing continued growth in the country, forecasting it to be Sony’s biggest market in Southeast Asia “in the future.”
Sony Philippines opened in Cebu its 36th store yesterday, its biggest in the country to date, securing a 200-square-meter space in the fourth level of Robinsons Galleria Cebu.
“Cebu market has the most potential to grow,” Otake told reporters at the sidelines of the store’s opening.
“In the near future, it will be Philippines (Sony’s biggest market in Southeast Asia). The Philippines is still in that stage of growing. That is why it is not the number one market yet. We’d (Sony) like to grow together with you,” added Otake.
Sony Philippines features a wide-range of its products, from mobile phones and tablets, smart TVs, speakers, digital cameras, and the like in its store in Cebu.
Sony Philippines brand and customer communication senior director Alvin De Vera said that although the company is in the face of competition with other giant consumer electronics players, Sony remains to be one of the biggest players in the country.
The company officials, however, did not cite growth figures.
According to Fitch Ratings’ BMI Research, the Philippines’ overall consumer electronics market will grow at a compounded annual growth rate of 6.8 percent in 2016 to 2020. In 2019, it is expected to reach $9.2 billion.
“The Philippine consumer electronic market has strong growth prospects over the medium-term as incomes arise, enabling vendors to tap into the opportunity presented by relatively low device penetration rates,” the BMI report published in its website read.
The positive outlook, said BMI Research, is based on the expanding middle class in the country, with more disposable income easing price sensitivity.
“While the core scenarios is for strong growth, there is downside due to regional economic uncertainties that could undermine device demand growth,” the research firm cautioned.