New vehicle sales in the Philippines increased by 22% to a 29,967 units in July, from 24,569 units in the same month of last year, according to a report released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The data did not include sales of some key non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of the total market.
Domestic sentiment remains strong in the wake of the election of the country's outspoken new president Rodrigo Duterte with low interest rates and rising investment continuing to drive the economy forward. Second-quarter GDP growth is estimated at around 6.5% year-on-year, after expanding by 6.9% in the first quarter.
New vehicle sales in first seven months of the year increased by over 26% to 197,448 units, from 156,658 units in the same period of last year. Passenger vehicle sales increased by 17% to 73,790 units in this period, while commercial vehicle sales were 33% higher at 123,658 units.
Rising traffic congestion in the country's major cities, particularly in metro Manila, has prompted the Department of Transportation to consider increasing the registration tax on second and third cars and making access to private parking a pre-requisite for car purchases.
