New vehicle sales in the Philippines jumped by 37.8% to a new monthly record of 19,622 units in June, from 14,240 units a year earlier, 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.
Record-low interest rates and new models continue to fuel demand for passenger cars, sales of which doubled to 8,278 units in June from 4,132 units a year earlier. Sales of commercial vehicles were 12.2% higher year-on-year at 11,344 units.
Cumulative sales for the first half of the year increased by 24.9% to 108,957 units, including 40,609 passenger cars (+44.9%) and 68,348 commercial vehicles (+15.5%).
Toyota’s first-half sales increased by 44.5% to 48,512 units, followed by Mitsubishi with 25,066 units (+23.0%); and Ford with 8,864 units (41.6%).