The Philippines new vehicle market continued to rebound in March 2019, by 14% to 32,173 units from 28,216 units in the same month of last year, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).
The data did not include non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together accounted for around 12% of the total market last year.
Sales of commercial vehicles jumped by close to 33% last month to 22,959 units from 17,291 units a year earlier, while passenger car sales declined by 16% to 9,214 units from 10,925 units, according to the associations' data.
Last month's sales increase followed a 17% year on year rise in February with the local automotive industry becoming increasingly optimistic that the market has turned a corner from last year's decline which it blames largely on higher taxes introduced at the beginning of 2018.
Sales in the first quarter of the year were slightly lower at 85,388 units from 86,037 units a year earlier, reflecting a sharp year-on-year decline in January.
Passenger car sales were down by 9.5% in the three month period at 26,172 units while commercial vehicle sales increased by 3.7% to 59,216 units.
Toyota claimed a 39% market share in this period, followed by Mitsubishi Motors with 18.9%; Nissan 13.2%; Honda7.5%; and Ford 6.5%.