New vehicle sales in the Philippines in May rose by 23.6% to 19,598 units, from 15,860 units sold 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).

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.

CAMPI attributed the strong growth to new models and aggressive promotional activity by dealers. Record low interest rates continue to drive the domestic economy forward, generating additional demand. 

Sales of passenger cars increased by 44% to 7,507 units last month while commercial vehicle sales were 13% higher at 12,091 units.

Cumulative five month sales among CAMPI and TMA members reached 89,335 units, 22% higher than in the same period of last year. CAMPI forecasts total vehicle sales, including those by non-member companies, will reach 230,000 units this year compared with 208,000 in 2013.