New vehicle sales in the Philippines increased by 17.3% to 36,511 units in October from 31,132 units in the same month of last year, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA).
The vehicle market continues to be driven to new heights by ongoing strong economic growth in the country. GDP expanded by 6.9% in the third quarter, according to newly released government data, with strong domestic consumption spurred on by low interest rates, while investment exports continue to increase strongly.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The vehicle market expanded by 16% to 339,380 units in the first 10 months of 2017 compared with 292,502 units in the same period of last year.
CAMPI remains confident that its members, not including key brands such as Hyundai, Chevrolet and Subaru, will sell a combined 450,000 vehicles this year.
Passenger vehicle sales increased 4.4% to 113,341 units in this period from 108,535 a year earlier, while commercial vehicle sales were up by almost 23% at 226,039 units from 183,967 units previously.
In the 10 month period Toyota's sales increased by 15.6% to 149,330 units, from 129,210 units a year earlier, to claim a market share of around 44%.
Mitsubishi Motors sold 59,765 vehicles in this period; followed by Ford with 28,576 units; Honda 23,689 units; and Isuzu 22,738 units.
