The Philippine new vehicle market continued to decline in October, by 9.2% to 33,150 units from peak year-earlier sales of 36,511 units, according to member data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The data does not include some significant brands in this market, including Hyundai, Chevrolet and Subaru.
This is the ninth consecutive month of decline for the market after several years of exceptionally strong growth, which has been largely blamed on a new tax structure introduced at the beginning of the year.
Economic growth in the country slowed to 6.1% year-on-year in the third quarter, from a revised 6.2% in the second quarter and 6.6% in the first, as the weak peso, rising inflation and successive interest rate hikes by the central bank continued to weigh on private consumption.
Toyota led the market in September with 14,927 sales, followed by Mitsubishi with 6,004 units; Nissan 3,703 units; Honda 2,059 units; and Suzuki 1,974 units.
In the first ten months of the year total vehicle sales fell by 13.3% to 294,236 units from 339,380 units in the same period of last year.
Passenger vehicle sales were down by 18.2% at 9,444 units in October and by 20.1% at 90,552 units year-to-date, while commercial vehicle sales declined by 4.5% to 23,703 units last month and were 9.9% lower at 203,684 units over the ten-month period.