Toyota Motor Philippines Corp. (TMP) said it expects total auto sales (of all automakers, combined) in the Philippines to hit 300,000 units by the end of 2015 amid increasing domestic purchasing power and improving economic fundamentals.

TMP President Michinobu Sugata said the Philippines in his view is the next automotive growth area in the Association of Southeast Asian Nations (ASEAN).

"Toyota has been carefully planning the introduction of new products and increasing the number of our dealers to better serve our customers," he said in the statement. "We have also continuously collaborated with our local supplier network to strengthen their respective operations so that we will all be ready to respond to the steadily increasing market demand."

TMP reported record sales of 10,123 units in July, breaching the 10,000 mark for the first time ever and bringing its sales in the seven months to July to 58,635 units. At that pace, TMP is on track to sell over 100,000 units this year, though sales could still accelerate from their July levels.

TMP is the dominant vehicle company in the Philippine market by unit sales. The association of automakers with assembly operations in the Philippines, known as CAMPI, in combination with the Truck Manufacturers Association, reported total July sales of 20,730 units, including Toyota's figures. CAMPI has a 2014 sales target of 250,000 units.

A separate association of automakers who largely import cars, known as AVID, posts sales of several thousand units a month as its membership tends to skew towards the luxury end of the market.

According to TMP's statement, Toyota Financial Services Philippines Corp. (TFSPH) compiled data showing that the Philippine middle class market grew by as much as 63.5% in 2013.

"TFSPH's data show that this market, whose age range is from 30-50 years old, is dominated by employed professionals at almost 50%, followed closely by self-employed or business owners at 28%, and by OFWs 10%," the statement read.

The company said that Philippine production operations will have an important role in Toyota's regional production network, in light of the growing economy and revitalized automotive manufacturing.

TMP also expects momentum for motorisation in the Philippines to fuel further economic growth. "I hope that the Philippine government will extend full support to the local auto manufacturing industry, which is an indispensable factor in achieving inclusive growth in this nation," Mr. Sugata said.