New vehicle sales in the Philippines rose by 39.5% to around 19,120 units in August, from 13,704 units in the same month of last year, according to the Chamber of Automotive Manufacturers of the Philippines (CAMPI).
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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The market continues to be driven by strong domestic economic growth, combined with new model launches and aggressive marketing. The Philippines’ central bank hiked its benchmark interest rate by 25 basis points to 3.75% in July to help contain the rising threat of inflation.
Cumulative eight-month sales rose by 27.6% to 148,810 units, compared with 116,617 units a year earlier, according to the association’s data. CAMPI now expects new vehicle sales among member and non-affiliated distributors combined to rise by 20% to 250,000 units this year, from an earlier forecast of 230,000 units.
