MANILA -- American construction machinery and equipment company Caterpillar, Inc. is bullish about its business in the Philippines due to emerging opportunities in the local construction sector.

Caterpillar Global Director for Excavation Division Giacomo Bottone said in an interview that the company would like to maximize the opportunities in the Philippines by offering new line of products that feature the latest technology.

Caterpillar and Monark Equipment Corp. -- the sole authorized dealer of Caterpillar products in the Philippines, launched the next generation CAT 320 Excavator in the Philippine market last April 12.

Bottone said the CAT 320 would help to fast-track construction activities in the country as it can improve operator efficiency by 40 percent, while reducing its fuel consumption by 20 percent and cutting maintenance cost by 15 percent.

Monark President Onofre Banson Jr. also said in a separate interview that the company expects its sales of Caterpillar products here to grow around 10 to 15 percent until 2022, with the Build Build Build program of the administration.

Banson said the company’s sales over the last five years has been expanding.

With Monark's sales forecast in the next five years, he said they expect to sell an additional 80 to 100 units of industry machines annually, with excavator products sharing 60 to 70 percent of the total sales. (PNA)