New vehicle sales in the Philippines increased by 22.2% to 32,966 units in November from 26,979 units in the same month of last year, according to a report released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The CAMPI/TMA data did not include sales of some key non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together typically accounted for around 15% of the total market last year.
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The market continued to be driven higher by strong demand for commercial vehicles, sales of which increased by over 27% to 20,823 units last month, while passenger car sales were 14% higher at 12,143 units.
Economic growth in the country remained strong, driven by low interest rates and rising investment. Third-quarter annual GDP growth came in at over 7% – in line with the previous two quarters, and similar growth was expected in the fourth quarter
In the first 11 months of the year, new vehicle sales increased by just over 24% to 325,468 units, from 261,930 units in the same period of last year.
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