The Philippine vehicle market continued to deteriorate in June, with new sales plunging by 21.7% to 29,350 units from peak year earlier sales of 37,479 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 is the fifth consecutive month of decline for the Philippine market after several years of exceptionally strong growth. The recent weakness has been blamed on a new tax structure introduced at the beginning of the year while domestic confidence has also been impacted by recent interest rate increases by the central bank, rising inflation and peso weakness.
Passenger vehicle sales fell by almost 43% year on year to 7,766 units last month while commercial vehicle sales were down by almost 10% at 21,584 units, according to the associations' data.
The overall market was down by 12.5% at 171,352 units in the first half of the year from 195,772 units in the same period of last year.
Passenger car sales fell by 16.5% to 55,746 units in this period while commercial vehicle sales were 10.4% lower at 115,606 units.
