The Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA) reported yesterday that auto sales in the Philippines rose 10.3% year-on-year to 28,904 units in the first three months of the year.
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“There is still a relatively strong demand for vehicles as consumers continue to buy cars albeit with much more discretion as higher food and fuel prices come into play in the purchase decision. There is a continued preference for vehicles that double for personal and business use, reflecting the importance of value for money,” CAMPI president Elizabeth H. Lee said in a statement.
“Buyers are also smarter nowadays, choosing to purchase brand new cars that yield a longer lifespan, making their investments last,” Lee added.
Passenger car sales grew 7.6% in the first three months of the year to 9,830 units, while commercial vehicles increased 11.8% to 19,074. Sales of pickups, vans, and Asian utility vehicles (AUV) are rising rapidly.
Toyota leads the market (Toyota’s March market share of all vehicles was 37%).
“The industry still foresees a growth for the year. Sustained economic growth is also key to the industry’s growth as it is positively correlated to auto industry growth,” said Lee.
Campi sees total industry sales of 125,000 units in 2008 from the actual 117,903 in 2007.
Lee said remittances of migrant Filipino workers would help boost private consumption despite the stronger peso.
