Philippine new vehicle sales rose 4.3% year on year in September to 10,937 units, up from 10,485 units a year earlier, according to data released by the Chamber of Automotive Manufacturers of the Philippines (CAMPI).
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September’s increase was a significant improvement on the near 15% year on year drop in August to 9,906 units.
CAMPI attributed the improvement to new models and aggressive marketing activity. It also warned potential buyers that prices will likely increase in the coming months as vehicle manufacturers factor in some of the recent increases in input costs, such as higher raw material and energy prices and adverse foreign exchange rates.
In the first nine months of 2008, vehicle sales rose by 11.9% to 94,077 units, compared with 84,046 units a year earlier, with commercial vehicles under-performing slightly with a 10.5% increase to 60,438 units. Passenger car sales were up by 14.8% to 33,639 units.
Toyota sold 34,113 vehicles in the nine-month period, for a market share of over 36%; followed by Mitsubishi with 12,806 units (13.6%); and Honda with 11,109 units (11.8%).
Despite the growing economic uncertainty, a weakening peso and the prospect of a sharp slowdown in exports, the association stood by its full-year market forecast of 125,000 units for this year.
Tony Pugliese
