New vehicle sales in the Philippines jumped by over 36% to a new monthly record high of 32,993 units in June, from 24,185 units in the same month of last year, according to a report released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The data did not include sales of some key non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of the total market.
The election of the new populist president Rodrigo Duterte in May and continued low interest rates have helped underpin consumer confidence while investment growth in the country remains strong. The latest official GDP data, for the first quarter of 2016, suggest economic growth of 6.9%.
In the first half of the year, total vehicle sales increased by over 27% to 167,481 units, from 131,465 units in the same period of last year.
Sales of passenger cars were up by more than 18% at 62,560 units, while commercial vehicle sales rose by over 33% to 104,921 units.
Toyota's first-half sales amounted to 72,642 units and Mitsubishi's were 30,372 units. Ford sold an estimated 17,000 units; Isuzu 13,500 units; and Honda 11,200 units.
CAMPI still expects the overall vehicle market, including non-member brands, to expand by 10% to 350,000 units this year – suggesting a significant growth slowdown in the second half as year-earlier comparisons get tougher.
