New vehicle sales in the Philippines plunged by 21% to 29,611 units in August 2026, down from 37,319 units in the same month last year, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA). Including non-member brands such as BYD, Geely, and Jetour, the market is estimated to have reached 34,390 units last month.
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Overall, August was the eighth consecutive month of decline for the market, amid slowing economic growth in the country. The latest government data show that GDP growth slowed to 2.3% year-on-year in the second quarter, down from 2.8% in the first quarter and 4.4% in the whole of last year. Rising fuel prices resulting from the conflict in the Middle East continue to drive up inflation, prompting the central bank to hike its benchmark interest rate by a further 25 basis points in August, the third such increase this year. CAMPI suggested that adverse weather also affected vehicle sales last month.
In the first eight months of 2026, the Philippine vehicle market declined by over 11% to 271,336 units, from 305,381 units in the same period last year, with sales of passenger cars falling by 11% to 55,030 units and sales of commercial vehicles also down by 11% to 216,306 units. Including estimates for non-member brands, the Philippine vehicle market reached 300,500 units year-to-date.
Despite the sluggish overall market, sales of electrified vehicles by CAMPI members surged by 146% to 45,403 units in the eight-month period, as consumers prioritized fuel-efficient vehicles amid rising fuel prices. This includes a 63% rise in hybrid-electric vehicle (HEV) sales to 23,764 units, and a 293% surge in battery electric vehicle (BEV) sales to 12,883 units, while plug-in hybrid electric vehicle sales jumped 15-fold to 8,756 units. Including brands not affiliated with CAMPI, sales of electrified vehicles are estimated to have more than doubled to 74,600 units year-to-date.
The overall market leader, Toyota, reported a 9% sales decline to 133,300 units year-to-date, followed by Mitsubishi with 46,160 units (-20%); Suzuki 12,300 units (-15%); and Ford 9,520 units (-36%). BYD is reported to have sold 28,340 units in this period, making it the country’s third-best-selling brand so far this year after Toyota and Mitsubishi.
GlobalData expects the Philippine light vehicle market to fall by over 2% to 478,000 units in 2026, after growing by almost 4% to 489,000 units in 2025, followed by a 7% rebound to 511,000 units in 2027.
