New vehicle sales in the Philippines increased by over 20% to 13,704 units in August, compared with year earlier sales of 11,351 units, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).

The data does not include sales of some key imported brands such as Hyundai, Chevrolet and Subaru, which typically account for around 15% of the total market.

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The market continues to be driven by strong domestic economic growth and record low interest rates.

Cumulative sales in the first eight months of the year amounted rose by 18.1% to 116,617 units, from 98,725 units in the same period of last year.

Passenger car sales rose by 28.5% to 38,223 units, while commercial vehicle sales were 13.6% higher at 68,980 units.

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