Philippine new vehicle sales started the year strongly, sales 42% to 29,499 units in January 2023 from a still weak 20,765 units a year earlier, according to member wholesale data from by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).
This followed a strong rebound in 2022 when sales rose 28% to 365,450 units from 285,694 units in 2021, including sales by non affiliated brands. The market has now returned to pre pandemic levels, driven by a strong rebound in economic activity in the country. GDP expanded 7.6% last year, according to preliminary data released by the government, driven by strong consumer spending and investment.
Go deeper with GlobalData
The central bank raised its benchmark interest rate by a further 50 basis points to 6% in February, its highest level since 2008, after annual inflation climbed to 8.7% in January.
Toyota reported a 36% sales increase to 13,428 units last month, followed by Mitsubishi Motors with a 70% rise to 5,030; Ford 2,107; Nissan 1,878 and Suzuki 1,639.
Campi president Rommel Gutierrez said: “The auto industry is optimistic of continued expansion from the demand side standpoint, driven by the growing domestic consumer market.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
