New vehicle sales in the Philippines increased by 13.8% to a new monthly high of 16,800 units in October, compared with 14,764 units a year earlier, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines and the Truck Manufacturers Association.
Record-low interest rates and new models helped drive sales forward last month, with passenger car sales rising by 36.2% year on year to 6,128 units, while sales of commercial vehicles were only slightly higher at 10,672 units.
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Sales in the first 10 months of 2013 reached 148,181 units, up 17% compared with 126,663 units sold during the same period last year. Passenger car sales increased by 29.9% to 49,487 units year-to-date, while commercial vehicle sales were 11.4% higher at 98,694 units.
The data does not include sales of some key imported brands such as Hyundai, Chevrolet and Subaru, which combined typically account for between 10-15% of the total market.
Separately, Hyundai Asia Resources reported a slight increase in sales to 1,685 units in October, while year to date sales were 5% lower at 17,905 units. Hyundai enjoys by far the highest sales volumes among the non member brands.
