Panasonic Philippines expects sales in premium durables line to grow by an average of 30 percent annually until 2018 amid the positive outlook of Philippine economy and the increasing purchasing power of the middle class.
“These are aspirational premium products that we want Filipinos to incorporate in their lifestyle,” said Panasonic managing director for appliances in Asia Pacific Yuji Majima during the launch of two of the company’s high end products—the prime-fresh refrigerator and washing machine.
The company starting 2018 expects sales to increase 40 percent on all aspirational premium products and plans to continue to market Philippine-made products as well.
It still maintains its Philippine manufacturing operations for entry-level single and twin-tub washing machines, window-type air-conditioners, direct cool, no-frost and inverter technology refrigerators and electric fans.
The company is the second biggest supplier of washing machines in the Philippines with a 20 percent market share and the second biggest in air-conditioning systems at 22 percent.
Panasonic is also the biggest supplier of refrigerators in the Philippines with an existing market share of 27 percent.
Panasonic Manufacturing Philippines Corp.president Shinichi Hayashi said the Philippines would continue to be an important market for the company.
“The Philippines is expected as a potential market for more premium products and a relevant one, with the economy growing at a fast rate. We are continuously innovating the premium line making them more customer-oriented for value and long-lasting use,” he said.
The Panasonic premium line includes inverter-technology air-conditioners and refrigerators, fully automatic top-load and front-load washing machines and full HD television sets, all Japan-made.
It has recently transferred its research and development unit to Malaysia, making it closer to home “to respond to consumer needs.”
Sales of premium products comprise about 26 percent of total company sales in 2015. Sales in 2014 reached P7 billion.
Panasonic Corp. Japan will soon celebrate its 100th anniversary in 2018 and its 50th in the Philippines in 2017.
