New vehicle sales in the Philippines jumped by 31% to 30,317 units in May, from 23,139 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.
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The country's economy continued to grow strongly, with first quarter data showing annual GDP growth accelerating to 6.9% from an upwardly revised 6.5% in the previous quarter, driven by strong public and private consumption and investment growth. Election spending also helped lift domestic consumption growth in the last few months.
In the first five months of the year, vehicle sales increased by over 25% to 134,488 units, from 107,280 units in the same period of last year.
