New vehicle sales in the Philippines rose by over 25% to 26,679 units in December, lifting full-year sales by 22.9% to 288,609 units in 2015 from 234,747 in the previous year.
The data, released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA), does 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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Passenger car sales increased by almost 29% to 116,381 units last year, driven by strong credit growth, while commercial vehicle sales were up by over 19% at 172,228 units. The central bank's overnight lending rate has remained at close to historic lows for the last five years, fuelling domestic consumption growth.
CAMPI estimates the total market, including non-affiliated brands, to have reached 320,000 units last year.
