The Philippine new vehicle market declined sharply in November, by 23.4% to 31,258 units from peak year earlier volume of 40,799 units, according to member data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The data did not include some significant brands in this market, including Hyundai, Chevrolet and Subaru.
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This was the 10th consecutive month of decline for the market after several years of exceptionally strong growth, which has been largely blamed on a new tax structure introduced at the beginning of the year.
Economic growth in the country slowed to 6.1% year-on-year in the third quarter, from a revised 6.2% in the second quarter and 6.6% in the first, as the weak peso, rising inflation and successive interest rate hikes by the central bank continued to weigh on private consumption.
In the first 11 months of the year total vehicle sales were down by 14.4% at 325,494 units from 380,179 units in the same period of last year.
Passenger vehicle sales fell by 23% to 9,197 units in November from 11,901 units a year earlier and by over 20% to 99,749 units in the first 11 months of the year from 125,242 units previously.
Commercial vehicle sales tumbled by almost 24% to 22,061 units last month from 28,898 units and by more than 11% to 225,745 units year-to-date from 254,937 units.
