Vehicle sales in the Philippines rose by 1.1% year on year in March to 10,746 units, from 10,625 units, according to data released by the Chamber of Chamber of Automotive Manufacturers of the Philippines (CAMPI). This is the first year-on-year rise for this market since last October and is a sign that the domestic economy remains reasonably stable despite a sharp decline in exports.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
First-quarter sales dropped by 1.2% to 28,564 units, compared with 28,907 a year earlier, with passenger car sales rising 5% to 10,311. The larger commercial vehicle segment reported a 2.9% drop to 28,564 units.
CAMPI cited a positive consumer outlook and stability in the country’s financial sector as the reason for the slight improvement in car sales in March. Remittances by overseas workers were also stable despite widely feared job losses.
Toyota sold 9,772 vehicles in the first quarter, down 3.4% year on year but still a hefty 34% share of total sales. Mitsubishi sold 4,860 vehicles, claiming a 17% market share and Honda sold 4,510 vehicles, taking 15.8% of the market.
Tony Pugliese
