MANILA -- Toyota Motor Philippines said Friday sales would rebound in 2019, as consumers absorb the impact of higher taxes and fuel prices that resulted in a sales hit in the previous year.
The maker of Vios sedans and Hi-Ace vans expects 5 to 10 percent growth in 2019 as the "fundamental demand of the Filipino customers is still very strong," Toyota Philippines president Satoru Suzuki said.
The previous year was "really bad" with sales down 17 percent compared to 2017, Suzuki told ANC's Market Edge. Higher taxes on fuel and cars took effect in 2018 under the first tranche of tax reforms.
"We are now concerned on how to recover our market share this year," Suzuki said.