Filipinos find owning a car desirable

CONTRARY to the belief that improved infrastructure and a better mass transit system could lessen the demand for vehicles in the next six years, Carmudi Philippines chief operating officer Juan Gregoria Syquia believes the “desirability” of owning a car remains popular among Filipinos.

“Traffic might be better, but people will still own cars. They might not use it as often or for everyday commuting,” Syquia said. The country’s new set of economic managers have promised to allocate five percent of the country’s gross domestic product (GDP) to infrastructure.

Optimism

If a better mass transportation system materializes in the Philippines, Filipinos would eventually use their cars for leisure.

Carmudi’s confidence lies on the robust economy of the Philippines, the rising middle class, and stronger purchasing power of its population.

In the first seven months of 2016, industry data from the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and Truck Manufacturers Association (TMA) show a 26.5-percent increase in year-to-date sales, after selling 197,448 units compared to 156,034 units during the same period last year.

Carmudi, an online vehicle platform, has over 30,000 car listings to date, which include new and used cars and motorcycles.

The company is strengthening its presence in brand new cars by coming up with new service offerings for both the buyers and dealerships. Syquia said the move would guarantee “lowest-priced” offers on brand new vehicles, an addition to their used vehicle market that the platform is known for.

Growth

“Part of the car dealers’ marketing efforts is to tap lead generators such as Carmudi Philippines as advance marketing strategy...Our efficacy of generating leads to the appropriate target market has been known and we are happy we could help them out,” Syquia said in a press statement.

With heavy Internet usage in the Philippines and the desirability factor in car ownership among Filipinos, the Carmudi executive believes the automotive industry is up for growth.

This year, CAMPI and TMA jointly projected the car industry to sell 350,000 vehicles.
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