New vehicle sales in the Philippines rose by over 18% to 23,139 units in May, from 19,598 a year earlier, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The associations’ data does not include sales of some key importers, including Hyundai, Chevrolet and Subaru, which together account typically for around 15% of volume.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Strong vehicle market expansion continued despite a sharp slowdown in economic growth in the first quarter of 2015, due mainly to weak exports and slow government spending. Low interest rates and strong growth in remittances from the country’s huge overseas workforce continued to drive domestic consumption, however.
Passenger car sales rose by over 27% to 9,556 units in May, from 7,507 units a year earlier while commercial vehicle sales expanded by 12.3% to 13,583 units from 12,091 units.
The strong momentum in the domestic economy helped drive cumulative five month sales up by 20% to 107,280 units, from 89,335 in 2014. Passenger car sales jumped 33% to 42,938 units while commercial vehicle sales were up by 13% to 64,342 units.
