New vehicle sales in the Philippines rose by 32.1% to a monthly record of 20,730 units in July, from 15,689 a year ago, according to the Chamber of Automotive Manufacturers of the Philippines’ (CAMPI) monthly statistical report.
This data does not include sales of non-affiliated brands such as Hyundai, Chevrolet, Subaru and some smaller players, which together typically account for around 15% of the total market.
Passenger car sales jumped by 65% year-on-year to 8,339 units, helped by aggressive marketing campaigns by dealers, new model launches and also as consumers anticipated higher interest rates.
The Philippines’ central bank hiked benchmark interest rates by 25 basis points to 3.75% in July to help contain the rising threat of inflation. Commercial vehicles sales rose by 16.6% to 12,391 units.
In the first seven months of 2014, vehicle sales rose by 26% to 129,687 units, from 102,917 units in the same period of last year. Toyota accounted for 45.2% of sales in this period, followed by Mitsubishi with 22.2%; Ford 8.2%; Isuzu 5.7%; and Honda 5.5%.
The association has raised its full-year sales forecast for member and non-member brands to 250,000 units.