New vehicle sales in the Philippines rose by 22.8% to 20,663 units in February, compared with 16,828 units in the previous year, according to members’ data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).
The associations’ data covers 19 brands and does not include sales of some key importers, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of total sales.
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Economic growth in the country has picked up momentum in recent months with annual growth at just under 7% in the fourth quarter of 2014, driven by low interest rates, buoyant exports and strong investment growth.
Cumulative sales in the first two months of the year rose by 21% to 39,325 units, from 32,506 last year. CAMPI expects total new vehicle sales, including those of non-member brands, to rise 16% to a record 300,000 units this year, from 269,000 in 2014.
Economists are beginning to call the recent strong growth trend the country’s biggest economic boom since the 1950s. The government soon is expected to reveal details of tax incentives to attract more investment in vehicle manufacturing in the country.
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