Philippine sales surge 28% in October, 22% YTD
New vehicle sales in the Philippines rose by 28% to a new monthly high of 28,667 units in October, from 22,278 units in the same month of last year, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA).
The associations’ data does not include sales of some key importers, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of the total market.
Passenger car sales increased by just over 25% to 11,235 units last month while commercial vehicle sales were up by over 31% at 17,432 units.
Overall sales in the January-October period increased by 22.4% to 234,951 units, from 192,005 a year earlier, reflecting continued strong domestic economic growth fuelled by interest rates.