Vehicle sales in the Philippines increased by over 18.5% to a new monthly record of 24,569 units in July, from 20,730 units a year earlier, according to data released jointly by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA).
The associations’ data do not include sales of some key importers, including Hyundai, Chevrolet and Subaru, which together typically account for around 15% of the total market.
Sales in the first seven months of the year increased by over 20% to 156,034 units, from 129,687 units in the same period last year, driven by strong domestic economic growth.
The passenger car segment has led the market higher so far this year, with sales rising by close to 29% to 62,999 units while commercial vehicle sales were 15% higher at 93,035 units.
Toyota accounted for close to 44% of sales, followed by Mitsubishi with over 19%, Isuzu 7.9%, Ford 7.8% and Honda 6.7%.
CAMPI expects full-year vehicle sales, including those of non-affiliated brands, to reach 310,000 units in 2015.