New vehicle sales in the Philippines rose by 18% to 21,259 units in April, up from 18,015 units a year earlier, according to data jointly released by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The associations’ data do not include sales of some key importers, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of the total market.
The vehicle sector continues to be driven by buoyant domestic economic growth, helped by low interest rates and strong growth in remittances from the country’s huge overseas workforce.
Sales by CAMPI/TMA member companies rose by 20.7% to 84,141 units in the first four months of the year, up from 69,737 units in the same period of last year.
Passenger vehicle sales were 34% higher at 33,382 units, while commercial vehicle sales reached 50,759 units.