New vehicle sales in the Philippines increased by over 21% to 23,181 units in August, from 19,116 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 associations’ data do not include sales of some key importers, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of total volume.
The market continues to be driven by strong domestic confidence, low interest rates and falling unemployment. GDP growth accelerated to 5.6% in the second quarter, from a revised 5.0% in the first quarter, on strong domestic consumption. New vehicle sales in the first eight months of the year increased by over 20% to 179,215 units, from 148,803 units in the same period last year.
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