New vehicle sales in the Philippines jumped by 26.1% to 14,503 units in July, compared with 11,504 units a year earlier, according to data released by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI).
The data does not include sales of some key brands, such as Hyundai, Chevrolet and Subaru, which are no longer members of the association.
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This is the second month of strong growth, after sales rose by 25% in June, reflecting improving inventory supplies from Thailand following the disruption from last year’s floods.
The Philippine domestic economy continues to perform strongly with higher bank lending driving consumer spending, higher government expenditure and strong growth in agricultural output. GDP growth for the second quarter is estimated at well over 6%.
Cumulative vehicle sales in the first seven months of the year were 7.5% higher at 87,377 units, compared with 81,286 units a year earlier. CAMPI has revised upwards its full year sales target to 185,000 units, 12% higher than the 165,194 units sold in 2011.
