New vehicle sales in the Philippines increased by 8.6% to 31,132 units in October from 28,667 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 CAMPI/TMA data do not include sales of some key non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together typically accounted for around 15% of the total market last year.

The rate of growth has slowed sharply in the last few months due largely to increasingly high comparative data after several years of strong market growth. Passenger car sales were just 2.3% higher at 11,499 units last month, while commercial vehicle sales were 12.6% higher at 19,633 units.

Economic growth in the country remains strong, driven by low interest rates and rising investment. Third-quarter annual GDP growth is expected to come in at around 6.5%, after growing by 7% in the first half of the year.

In the first 10 months of the year new vehicle sales increased by 24.5% to 292,502 units, from 234,951 units in the same period of last year.