New vehicle sales in the Philippines rose by 27.6% to 23,808 units in January compared with 18,662 units in the same month of last year, according to a report released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).

The data does not include sales of some key non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of the total market.

The country's domestic economy continued to be driven by low interest rates, more than offsetting a slowdown in export activity in recent months. Last year, sales, including those by non-affiliated brands, rose by over 22% to a record 321,500 units.

Passenger car sales rose close to 20% to 8,632 units last month, while commercial vehicle sales jumped by over 32% to 15,176 units.