Auto sales in the Philippines have maintained their upward trajectory, as the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) announced that July vehicle sales grew 32.1% year-on-year (y-o-y). We reiterate our bullish outlook on the auto sector, underpinned by a booming economy that grew 5.7% y-o-y in Q114, fuelling consumer confidence.

BMI Industry View 7

SWOT 8

Political 9

Economic 10

Business Environment 11

Industry Forecast 12

      Table: Autos Total Market - Historical Data And Forecasts (Philippines 2012-2018) 12

      Table: Passenger Car Market - Historical Data And Forecasts (Philippines 2012-2018) 12

      Table: Commercial Vehicle Market - Historical Data And Forecasts (Philippines 2012-2018) 13

      Table: Motorcycle Market - Historical Data And Forecasts (Philippines 2012-2018) 13

Macroeconomic Forecast 19

Economic Analysis 19

Remittances To Remain Supportive Of Private Consumption Growth 20

Modest Export Rebound On The Cards 21

Investment To Recover Amid Rising Business Confidence 22

Rebuilding Efforts To Spur Government Spending 23

Risks To Outlook 23

      Table: Economic Activity (Philippines 2009-2018) 23

Industry Risk/Reward Ratings 24

Asia - Risk/Reward Ratings 24

      Table: BMI Industry Risk/Reward Ratings - Asia-Pacific Autos 27

Competitive Landscape 28

Passenger Cars 28

      Table: Top 10 Carmakers In Philippines By Sales In 2013 (Including AVID Members) 28

Industry News 30

Commercial Vehicles 32

      Table: Philippines Commercial Vehicles - Production & Sales, 2012-2018 32

Motorcycles 33

Company Profile 34

Company Monitor 34

Toyota Motor Philippines (TMP) 37

Honda Cars Philippines (HCP) 38

Regional Overview 39

      Table: Vehicle Sales June 2014 (CBUS) 39

Global Industry Overview 45

      Table: Passenger Car Sales May 2014 (CBUs) 45

Outperformers Boost European Outlook 45

Trucks Give North America A Lift 46

India Brings Relief To BRICs 48

Demographic Forecast 50

Demographic Outlook 50

      Table: The Philippines' Population By Age Group, 1990-2020 ('000) 51

      Table: The Philippines' Population By Age Group, 1990-2020 (% of total) 52

      Table: The Philippines' Key Population Ratios, 1990-2020 53

      Table: The Philippines' Rural And Urban Population, 1990-2020 53

Methodology 54

Industry Forecasts 54

Sector-Specific Methodology 55

Sources 55

Risk/Reward Ratings Methodology 56

      Table: Automotive Risk/Reward Ratings Indicators And Weighting Of Indicators 57

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