The Philippine new vehicle market continued to decline in September, by 9.7% to 31,116 units from peak year earlier sales of 34,445 units, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
As usual, the data did not include some significant brands including Hyundai, Chevrolet and Subaru.
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This was the eighth consecutive month of decline for the market, after several years of exceptionally strong growth, largely blamed on a new tax structure introduced at the beginning of the year.
Domestic confidence has also been eroded by a series of interest rate increases by the central bank in recent months, rising inflation and a weakening peso.
Passenger car sales fell by over 10% year on year to 9,441 units last month while commercial vehicle sales were down by 9.4% at 21,675 units, according to the associations' data.
Toyota led in September with 12,686 sales, followed by Mitsubishi with 6,305 units; Nissan (3,916), Honda (1,970 and Ford (1,725.
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By GlobalDataThe overall new vehicle market was down by 13.8% at 261,057 units in the first nine months of the year from 302,869 a year ago.
Passenger car sales fell 20.2% to 81,078 units from 101,655 while commercial vehicle sales were 10.6% lower at 179,979 units (201,214).
