New vehicle sales in the Philippines declined by 18.5% year-on-year in December to 9,885 units, according to figures released by the Chamber of Automotive Manufacturers of the Philippines Inc (Campi).
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The association blames the unusually long end-of-year holidays for the sharp decline in sales volumes, with Christmas falling in mid-week reducing the number of selling days in the month.
Nevertheless, economic growth slowed in the fourth quarter, with exports falling sharply in the last two months of the year and domestic confidence has been affected by the global credit crisis. Full-year GDP growth is widely expected to be around 4.2%, compared with 4.6% in the first nine months of the year.
Full-year vehicle sales rose by 5.6% to 124,449 units, from 117,903 units in 2007, with strong growth in the first nine months offset by a weaker fourth quarter. Passenger car sales rose by 8.5% to 44,426 units, from 40,958 in the previous year, while commercial vehicles sales were up by 4% at 80,023 units, compared with 76,945 units.
Toyota sold 45,915 vehicles, for a market share of 36.9%; followed by Mitsubishi with 17,539 (14.1%); Honda 14,298 (11.5%); Hyundai 10,203 (8.2%); and Isuzu 10,101 (8.1%).
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By GlobalDataTony Pugliese
