"Ladies and gentlemen, I am pleased to report that the Philippine automotive industry achieved a new all time sales record last year with sales of 474,000 units. This is an increase of 8 percent, outdoing the previous record of 473,000 reported in 2017.
To me, however, this new record is much more than a set of numbers. To me, it represents a nation and a people on-the-move. The increased sales means increased mobility for Filipinos - moving people, goods, and services across the country. It reflects a growing and vibrant economy. Increased car sales also mean more jobs, more revenue for government, more investments for the country, more know-how transfer, more fun, sight seeing, enjoyment and more family time.
We at Toyota are happy that we can continue to play a significant role in the country's rapidly transforming automotive industry. With sales of 218,019 units last year, Toyota and Lexus recorded another all-time record high.
Completing 23 consecutive years of our triple crown, the Philippines remained among the 10 largest markets for Toyota worldwide. More importantly, it helped us secure jobs for 69,000 Filipinos in 2024 (Toyota ecosystem) and realize $1 billion of exports for the country and contribute P35 Billion to government revenues.
Of course, none of these would have been possible without your support. In particular, please allow me a moment to specially thank you for chronicling every step of our journey in bringing the Tamaraw back to the Philippines. We are convinced that the return of the Tamaraw will be a real game changer in the local auto industry.
As the Philippine auto market continues to expand, I am very much encouraged by the added possibilities this growth brings with it. The auto industry is truly transforming into a major pillar of economic development.
To be honest, the rapid and significant influx of automakers and brands is a very welcome indicator for me. I have always said that the one thing that attracts automakers the most to any market is increasing sales volumes.
And as motorization progresses, this opens new opportunities for local manufacturing. I am a very strong advocate of "Gawa ng Filipino para sa Filipino" so this is a very welcome prospect for nation building.
I believe it is high time that we view the automotive industry as one cohesive sector contributing to nation building. The combined sales of CAMPI, TMA, AVID and some EVIDA players comes to 474,000 units, with 12 motor vehicle manufacturers and assemblers and 400 models on the road.
In my estimate, this should have generated P70 billion in taxes and 138,000 in the employment of direct and indirect jobs supplying parts or business services to the auto sector.
As we welcome 2025 and the year of the snake, the prospects for the industry are quite encouraging. The macro outlook is reasonably optimistic: GDP growth is expected to exceed 6 percent, the financial sector remains sound with a growing consumer loan portfolio, OFW remittances and BPO earnings are seen to expand, the exchange rate is relatively under control by the central bank, government infrastructure spending is expected to continue and election-related spending will trigger incremental economic demand.
As a result, we are projecting a growth over 500,000 units, half a million new cars — 512,000 units to be exact — representing a sustained growth of 8 percent.
As I mentioned, this opens new horizons for local production that will help government in its goal of strengthening the manufacturing sector. I am hoping that we can harness the collective power of every automaker doing business in the country in realizing a more united automotive program to develop the Philippine auto industry into a major economic force and a manufacturing hub in support of the nation's long term development plans.
There is really so much that we can look forward to in 2025 and we are counting on your continuing partnership to make this happen.
Again, thank you for a great 2024 and for an amazing start to 2025. I invite you to continue journeying with us. Enjoy the rest of the evening. Maraming salamat po."
— Edited by Daxim L. Lucas
