New vehicle sales in the Philippines jumped by over 30% to 27,697 units in April, from 21,259 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 country’s domestic economy is thought to have picked up significant momentum in the first quarter of 2016, with GDP growth estimated to have grown by 7% year-on-year, driven by strong growth in private consumption and investment. Election spending is also expected to have lifted growth in the last few months.
Passenger car sales rose by 19% year-on-year to 9,920 units in April, while commercial vehicle sales were 38% higher at 17,777 units.
In the first four months of the year, total vehicle sales were up by almost 24% at 104,176 units, from 84,141 units in the same period of last year.