Vehicle sales in the Philippines have posted a month-on-month decline for the second consecutive month this year with a 7.7% decline in November.
The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) reported that growth in motor vehicle sales in the January-November period this year has declined 8.3% to 114,564 units from 105,771 units.
Sales in November were down to 9,807 units or a 7.7% fall on the 10,624 units sold in October.
Businesses are increasingly worried about the outlook for the economy in 2009. Foreign direct investment is down this year and exports are coming under increasing pressure. The vehicle market will likely see a decline next year.