New vehicle sales in the Philippines rose by over 25% to 19,173 units in March, from 15,292 units a year earlier, according to data jointly released by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA).
The associations’ data do not include sales of some key importers, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of the total market.
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The country’s economy continues to be driven by low interest rates which are fuelling strong growth in household consumption.
First quarter new vehicle sales by CAMPI/TMA member companies rose by close to 23% to 51,643 units, from 42,034 units a year earlier.
Passenger car sales increased by over 40% year on year to 5,121 units last month and by 30% to 18,092 units in the first quarter while commercial vehicle sales rose by 18% to 11,999 units and 19% to 33,551 units respectively.
Toyota Motor continued to dominate the market with a first quarter market share of over 44% followed by Mitsubishi Motors with close to 24% and Ford (7.2%).
