New vehicle sales in the Philippines grew by 19.3% to 18,662 units in January, from 15,647 units in the same month of last year, as the market continued the strong upward trend enjoyed in the last few years.
The data, compiled jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA) does not include sales by some key importers, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of the total market.
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The country’s economy continues to expand strongly, by 6.9% in the fourth quarter of 2014, with low interest rates driving domestic consumption. Exports also grew strongly last year, as did foreign direct investment.
The associations’ data shows a 36% rise in passenger car sales to 7,192 units last month, from 5,301 a year earlier. Commercial vehicle sales were almost 11% higher at 11,462 units.
CAMPI expects overall vehicle sales this year to rise by 15%, driven by particularly strong demand for small cars and SUVs.
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