The Philippine vehicle market expanded by 20.1% in October to 12,761 units, compared with weak year-earlier volumes of 10,860 units, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi).
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Sales were up by 12.6% month-on-month, reflecting strong replacement demand of flood-damaged vehicles in the wake of typhoon Ondoy in September. The association said that good stock levels and special promotions by dealers, including cheap financing deals, helped drive the market higher.
Sales in the January-October period turned positive thanks to the strong October performance, with cumulative sales rising by 1.3% to 106,146 units from 104,757 a year earlier. Toyota dominated the market with sales of 37,860 units, – 3.3% lower than last year; followed by Mitsubishi with 18,806 sales (+29.3%); Honda 14,534 (+16.6%); and Hyundai 8,990 (+0.9%).
Separately, the Philippines Board of Investments (BOI) said it is revising its Motor Vehicle Development Program (MVDP) to encourage the production of Philippine-Branded Vehicles (PBVs) such as utility vehicles for public transportation and goods transportation. The BOI is considering exempting such vehicles from local excise tax and additional incentives will be offered for exporters.
Tony Pugliese
