New vehicle sales in the Philippines continued to grow strongly in January, by 27.8% to 30,425 units compared with 23,808 units in the same month of last year, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The CAMPI/TMA data did not include sales of non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together accounted for around 20% of the total market last year.
Last month's growth follows several years of record sales for the country's vehicle market, driven by low interest rates, strong investment growth and rising overseas earnings. Sales last year increased by close to 25% to 452,751 units, including 359,572 CAMPI/TMA-affiliated brands and 93,179 non-affiliated brands.
The CAMPI/TMA data shows sales in January were driven by strong demand for both passenger vehicles and commercial vehicles, with deliveries rising by over 27% to 10,984 units and over 28% to 19,441 units respectively.
Toyota led the market last month with sales exceeding 14,500 units; followed by Mitsubishi with over 4,900 units; Ford 2,500 units; Honda 2,200 units; and Nissan 1,600 units.