The Philippine vehicle market started the year strongly, with sales in January rising by 5.8% year-on-year to 11,046 units, according to the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI).
Passenger car sales increased by 15.3% to 3,997 units, reflecting continued strength in consumer confidence. The commercial vehicle market expanded by just 1% to 7,049 units, however.
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The continued market growth has been welcomed by the industry, especially following on from last year’s 28.5% jump in sales to a new record high of 170,216 units.
The association expects growth to slow significantly this year, but expects the market to remain positive. In a statement, it said it expects the economic environment to remain positive, with a stable currency, manageable inflation and for continued growth in the repatriation of funds by overseas workers.
