MANILA, Philippines — Bosch, a global supplier of technology and services, expects sales in the Philippines to regain growth momentum this year, driven by demand for consumer goods, energy and building technology, as well as industrial solutions.
Richard Walker, managing director of Bosch in the Philippines, said in a press conference, the company expects to recover growth in sales this year after posting a 10 percent decline to $51 million last year.
“Double-digit growth is really our target [this year],” he said.
He said sales declined last year due to adjustments in the project timetable of the energy and building technology sector.
“Project awards and purchases expected in the end of 2017 were pushed into 2018. Also, after several strong years of growth, our mobility solutions business moderated,” he said.
“We had a good start into 2018. The local economy continues to benefit from stronger consumer spending and robust demand from the construction and manufacturing sectors,” Walker said.
The recovery is expected to be driven by continued demand for consumer goods such as power tools used both by professional users and hobbyists, the biggest contributor to sales.
Projects in the energy and building technology business sector, demand for industry solutions for more efficient manufacturing processes, as well as growth in e-commerce are also expected to help drive up sales this year.
“We expect to continue our strong growth with e-commerce over the coming years,” Walker said, noting the high mobile penetration rate in the country. – With Richmond Mercurio