New vehicle sales in the Philippines fell by 4.1% year-on-year in May to 10,450 units, compared with 10,900 units a year earlier, according to data released by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI).
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The association said a lack of stock held back commercial vehicle sales during the month. Passenger car sales rose by 3.1% year-on-year to 3,766 units, while commercial vehicle sales fell by 7.8% to 6,684 units.
In the five months to May, vehicles sales declined by 3.7% to 49,002 units compared with 50,883 units a year earlier. The association is still optimistic that its earlier market forecasts for 2009 of 130,000 sales will be achieved, citing a stable domestic banking environment as a key positive factor.
Tony Pugliese
