Demand for TVs to increase Sharp's sales

MANILA, Philippines - The Philippine unit of Japanese appliance manufacturer Sharp Corporation is still expecting increased sales resulting from local demand for its television sets. Despite the global economic downturn, Sharp (Philippines) Corporation said its sales hike will come from all socioeconomic markets, after the company launched its latest eco-friendly products. At the press launch on Thursday in Mandaluyong City, Sharp Philippines President and General Manager Kenjo Okunaka said the company expects total sales this fiscal year 2008-2009 to reach P1.685 billion, up 114% from last year, with bulk of the sales coming from television sets. By 2012, Sharp Philippines is expecting its sales to reach P4 billion, said Okunaka. Sharp Philippines is confident of meeting their sales targets because of the demand. In the case of TV sets, for instance, Sharp said there is a global trend to replace CRT TV sets with LCT TVs as companies and consumers worldwide are becoming more aware for cost-savings and eco-friendly electronics. Sharp Philippines is forecasting demand for LCD TVs to reach 7,000 units in the local market for a 266% growth from last year. Worldwide, Sharp is forecasting the shift to LCD TVs to reach 100 million units from the current 74 million units for a 34% growth this fiscal year. Okunaka said Sharp will seek the number 1 market share in all product categories in five years. To succeed, he said Sharp will be in the offensive in the local market by expanding its import business by more than 50% to P689 million. Sharp Philippines also said it is offering the best service to satisfy its local customers through its network of service centers. Okunaka is also expressed confidence in reaching their sales targets despite the economic slowdown even with inflation forecast to increase and the gross domestic product downscaled. He cited economists and analysts forecasts that the economic fundamentals will improve next year, in time for the company's end of fiscal year on March. The company is also betting on its eco-friendly and health products which were launched in line with the company's global policies based on global and market trends. The eco-friendly products are in line with the company's policy to address global trends such as the high cost of raw materials because of surging oil prices and the need to protect the environment. Global market trends that Sharp is trying to address include the demand for flat panel TVs because of digital broadcasting and competition. Okunaka said their products are targeted to all socioeconomic classes in the Philippines but they expect more from the market the A, B and C markets which make up 92% of their target markets. - Veronica C. Silva