Panasonic posts record

Panasonic Manufacturing Philippines Corp. (PMPC) aims to grow its sales by more than 20 percent for fiscal year 2018 after a record R10-billion sales revenue for fiscal year 2016 with the introduction of more new products amid strong growing demand for medium to high-end home appliances in the Japanese conglomerate's fastest-growing market in southeast Asia.

Company President Shinichi Hayashi said during a press conference the company will introduce memorable products to mark its 50th year in the country.

Hayashi also said that PMPC has already fully recovered from its crisis in 2010 when it shut down its mini-television, batteries and small appliances production at its Taytay and Laguna manufacturing plants.

“We have slowly recovered in 2011 and by 2014 we attained full recovery,” he said noting that since then the company has been posting phenomenal growth in sales, making the Philippines its fastest growing southeast Asian country and one of the top performers among Panasonic units globally.

At present, PMPC produces the entry level models for refrigerators, airconditioners and washing machines using the old technology. The medium to high-end products using the new power saving inverter technology are imported from Thailand, Vietnam and Japan. Some of its high-end TV models are imported from Malaysia.

According to Hayashi, PMPC is trying to develop the capability of its plants to produce using the inverter technology but there is no definite timetable yet. He, however, said that demand for entry models for refrigerators, airconditioners (window type) and washing machines still remained very strong, especially in the provinces.

PMPC is believed to be number one in the washing machine product category and either first or second for refrigerators and aircon categories.

With more Filipinos especially in Luzon and other urban centers being able to afford the medium to high-end models, Hayashi said they are responding to this demand by offering its Japan