PHILIPPINES: Vehicle sales up 30% in November
New vehicle sales in the Philippines rose by 29.5% to 12,702 units in November, compared with 9,807 units in the same month of 2008, according to data released by the Chamber of Automotive Manufacturers Association of the Philippines (CAMPI).
Cumulative sales for the January-November period amounted to 118,848 units, compared with 114,564 units in the year-earlier period. The market is on track to reach 130,000 units for the full-year, ahead of CAMPI's forecast of 125,000 units. This would be the highest yearly total since the market peaked at close to 163,000 units in 1996.
Sales were lifted in November by additional replacement demand caused by flood damage from the recent typhoons and strong promotional activity among dealers. The economy continues to be underpinned by growth in remittances from overseas Philippine works.