New vehicle sales in the Philippines jumped by 25.4% to a monthly record of 19,173 units in March, accord to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association.
This data does not include sales of non-affiliated brands such as Hyundai, Chevrolet, Subaru and some smaller players, which together typically account for around 15% of the total market.
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Low interest rates, the strong domestic economy and high levels of remittances from overseas workers continue to drive the market higher. This is expected to continue in the second quarter, helped by new car models.
Sales of passenger cars rose by over 40% to 7,174 units last month, while commercial vehicle sales increased by 18% to 11,999 units.
CAMPI and TMA members combined increased first quarter sales by close to 23% to 51,643 units, from 41,702 units in the same period of last year, including 18,092 passenger cars and 33,551 commercial vehicles.
The associations expect total vehicle sales, including those of non-affiliated companies, to rise by around 9% this year to 230,000 units.
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