New vehicle sales in the Philippines rose by almost 51% to 12,256 units in January, from 8,127 units a year earlier, according to member data released by Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI).
The association’s data does not include key brands such as Hyundai and Chevrolet, as well a handful of smaller volume-brands, which together account for around 15% of the market.
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Relatively low interest rates, easy availability of credit and high levels of remittances from overseas works continue to fuel consumer spending and domestic economic growth.
Sales of passenger cars almost doubled to 4,161 units, from 2,099 units a year earlier. Commercial vehicles sales, including utility vehicles and SUVs, increased by just over 34% to 8,095 units.
CAMPI is confident the market will continue to push up from here, to reach 200,000 units in 2013 – including sales by non member companies. Overall vehicle sales last year increased by just over 10% to 182,779 units, from 165,194 units in 2011.
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