New vehicle sales in the Philippines rose by 33.9% to 13,995 units, compared with 10,450 units a year earlier, according to data released by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI).
Demand was strong for most types of vehicles, with passenger car sales rising by 34.8% to 5,079 units and commercial vehicle sales by 33.6% to 8,916 units, with demand for light commercial vehicles particularly strong.
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The key factors driving the market are high consumer and business confidence, which was lifted by the smooth outcome of the general elections, low interest rates and continued high levels of remittances from overseas works, which continues to drive the small business sector.
Sales in the January-May period were up by 36.6% year-on-year at 66,958 units, with commercial vehicle sales driving growth with 44,212 sales (+40.5%); while passenger car sales grew by 29.8% to 22,746 units.
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