New vehicle sales in the Philippines continued to soar in September, with total volumes rising by 27.8% to 14,447 units, according to the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI).
The market continues to be driven by “healthy consumer and business confidence”, according to the association’s president Elizabeth Lee. Easy credit and strong levels of remittances from overseas workers are helping to drive volumes to new record highs.
Go deeper with GlobalData
Also, better implementation of a ban on used vehicle imports is also helping to support the new vehicle market. Cumulative sales for the first three quarters of the year reached 129,901, 36% than a year earlier. The association now expects full year sales to reach a record 175,000 units this year.
Toyota remained the leading vehicle brand with a market share of 32.5%, followed by Mitsubishi with 18.9% and Hyundai with 12.3%.
