New vehicle sales in the Philippines increased by close to 28% to 34,104 units in December, from 26,679 units a year earlier, according to a report released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The CAMPI/TMA data do 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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According to the associations' data, full year sales rose by 24.6% to 359,572 units in 2016 compared with 288,609 units in 2015, reflecting economic growth estimated at around 7% last year – driven by low interest rates and strong investment growth.
The vehicle market last year was driven by particularly strong demand for commercial vehicles, sales of which rose by 31.4% to 226,384 units from 172,228 units in 2015. Passenger vehicle sales rose by 14.4% to 133,188 units last year, up from 116,381 units in 2015.
Toyota led the market with sales approaching 158,900 units in 2016; followed by Mitsubishi with 61,400 units; Ford 33,700 units; Isuzu 27,400 units and Honda 23,200 units.
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