New vehicle sales in the Philippines rose by 7.5% to 27,040 units in February, from 25,150 units in the same month of last year, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The CAMPI/TMA data did not include sales of non-affiliated brands, including Hyundai, Chevrolet and Subaru, which together accounted for around 20% of the total market last year.
Last month's growth slowed sharply after several years of double-digit growth, pushing the market up to record highs. GDP growth was 6.8% last year, with low interest rates driving domestic consumption and investment growth.
Sales in the first two months of the year rose by 17.4% to 57,465 units compared with 48,958 units in the same period last year, including 37,367 commercial vehicles and 20,098 passenger vehicles.
The performances of the individual brands varied significantly over the two month period, with market leader Toyota enjoying a 39% volume rise to over 27,200 units; while Mitsubishi reported flat sales of 9,700 units. Ford's sales were 22% lower at just over 4,000 units in this period; followed by Honda with 3,900 units (+5.2%); and Isuzu with 3,200 units (-32%).