The Philippine new vehicle market finished the year on a high in 2013, with sales jumping by 17.5% to 17,185 units in December, from 14,620 units a year earlier, according to data released jointly by Chamber of Automotive Manufacturers of Philippines and Truck Manufacturers Association.
Full year sales increased by 15.7% to 181,283 units last year, from 156,649 units in 2012, with low interest rates and strong economic growth driving the market to new heights.
This data does not include sales of non-affiliated brands such as Hyundai, Chevrolet, Subaru and some smaller players, which together typically account for around 15% of the total market.
Hyundai Motor, the largest non-affiliated automotive brand, reported separately that its sales last year were up just slightly at 22,033 units, compared with 21,996 units in 2012.
Total vehicle sales, including non-affiliated brands, are estimated to have reached 211,000 units last year, up by over 15% compared with 182,779 units sold last year.
The association remains bullish on the outlook for the market, with continued strength in the domestic economy forecast to lift sales to a new record of 230,000 units in 2014.