The Philippine automotive industry is optimistic about surpassing the half-million mark in sales in 2025 to 512,000 units, an 8-percent growth over the record-breaking 474,000 units in 2024.
Industry reports earlier announced that 2024 car sales generated up to P70 billion in taxes and supported the employment of over 138,000 Filipinos in direct and indirect automotive-related jobs.
“This new record represents a nation on the move, with increased car sales symbolizing greater mobility for Filipinos and a vibrant economy,” said Toyota Motor Philippines chairman Alfred Ty over the weekend.
By maintaining its market leadership, Toyota played a key role in the growth of the local automotive sector, achieving a record 218,019 units sold across its Toyota and Lexus brands.
Toyota’s Philippine operations created employment for over 69,000 Filipinos and contributed P35 billion in government revenues.
For the 23rd consecutive year, Toyota has maintained its Triple Crown status, with the Philippines continuing to rank among the top 10 largest markets for Toyota globally.
While car parts exports were down by 3 percent from $1.26 billion in 2023, the car manufacturer expects a rebound in 2025.
The anticipated return of the iconic Tamaraw is expected to revolutionize the local automotive scene, as it offers not only mobility but also a tool for livelihood.
Ty noted that as the automotive market continues to expand, local production is poised to grow alongside it, presenting new opportunities for the country to strengthen its manufacturing sector.
“As the Philippine automotive market continues to grow, I am encouraged by the opportunities that this expansion brings. The rapid and substantial influx of automakers and brands is a positive sign for me. I am a strong advocate of ‘Gawa ng Filipino para sa Filipino’, so this development is a promising prospect for nation-building,” he said.