New vehicle sales in the Philippines increased by 29.5% to 234,747 units in 2014, compared with 181,283 units in the previous year, according to member data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the truck Manufacturers Association (TMA).

The data covers 19 brands and does not include sales of some key importers, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of the total market.

The country’s economy is expected to have expanded by 5.5% last year, driven by low interest rates, buoyant exports and strong investment growth.

Passenger vehicle sales jumped 47.8% to 90,287 units, from 61,083 units previously, reflecting a strong new model cycle and buoyant consumer sentiment. Commercial vehicle sales increased 20.2% to 144,460 units, from 120,200 units.

CAMPI-TMA expect combined sales by their members to expand by 16% to 272,000 vehicles in 2015, driven by continued strong economic expansion, falling fuel prices and further investment growth.