MANILA, Philippines -- Canon Philippines has seen strong digital camera sales during the first half of the year, its top executive said.
The company hit P1.4 billion in net sales revenues during the first half of 2008, said Ramon Arteficio, president of Canon Philippines, in an interview.
Arteficio said the company's business has grown by 25 percent during the first half compared to last year's figures, noting that profits also doubled since last year.
About 30 percent of the local market for point-and-shoot digital cameras is now owned by Canon Philippines, the executive said. The demand for the more sophisticated SLR (single lens reflex) digital cameras is also growing, he added.
About 10,000 digital cameras are sold every month in the Philippines, he said.
Arteficio said Canon Philippines' business is now predominantly digital cameras (51 percent), copiers (23 percent) and printers (22 percent) including consumables.
"At the rate we're going, we're happy with the first six months of the year," the executive said, adding that local consumers are now going for products with "value for money."
The executive described "value for money" as a marketing strategy that involves throwing in freebies with products sold in the local market.
This month, Canon Philippines has decided to partner with another known brand of eyewear and a recent movie to market their products, he said.
"Dropping the prices will do no good," Arteficio said, when asked if the vendor was planning to slash prices to lure consumers.