The Chamber of Automotive Manufacturers of the Philippines (CAMPI) has said that it is increasing its industry sales forecast for 2012 from 154,000 units to 185,000 units, as the local auto industry recovers from supply limitation amid strong economic indicators.

"Riding high on the back of the auto industry's strong performance in sales in the past months, CAMPI is revising its total industry sales forecast for the year to 185,000 units," CAMPI President Rommel Gutierrez said in a statement.

This means the industry is looking to increase sales by 30% from 141,616 units sold last year.

Gutierrez earlier said that the industry targets to sell 154,000 units for 2012, but CAMPI said that several strong economic indicators as well as the influx of new car models introduced during the first half of 2012 have anchored the industry's stellar performance for the past months.

According to CAMPI, sales for the month of July increased by 7% equivalent to 14,503 units. Total sales for the first seven months have reached 87,377 units. Toyota Motor Philippines maintains its lead in terms of sales with a 40.8-percent market share followed by Mitsubishi's 23.2% and Honda's 8.2%, CAMPI said.

Gutierrez said that July is a "seasonally high month in terms of sales" and the increase signifies the automotive industry's recovery from low supply due to flooding in Thailand last year. He added that the industry will be able to cater to the growing demand for vehicles this year.

CAMPI is gearing up for the Fourth Philippine International Motor Show slated for August 16-19 at the World Trade Center in Pasay City. Various manufacturers will showcase their latest automotive technologies and new car models during the event.