New vehicle sales in the Philippines jumped by almost 24% to 40,799 units in November from 32,966 units in the same month of last year, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA).

The vehicle market continued to hit new record highs amid strong economic growth. GDP expanded by 6.9% in the third quarter, driven by strong domestic consumption, investment and exports.

Buyers also flocked into showrooms last month in anticipation of excise tax hikes next year as part of a broader tax reform programme. Vehicle prices are expected to rise significantly in January as a result of these changes.

The vehicle market expanded by 16.8% to 380,179 units in the first 11 months of 2017 compared with 325,468 units in the same period of last year.

Passenger vehicle sales increased 3.8% to 125,242 units in this period from 120,678 units while commercial vehicle sales were up by 24.5% at 254,937 units from 204,790 units.

In the 11 month period Toyota's sales amounted to 166,590 units, followed by Mitsubishi Motors with 66,720 sales, Ford with 32,010 units; Honda 26,800 units; and Isuzu 26,270 units.

December is also expected to be a strong month for the market as buyers bring forward next year's purchases. The industry expects full year sales to approach 450,000 units – not including non member brands such as Hyundai, Chevrolet and Subaru.