Vehicle sales in the Philippines increased 35.6% to 14,335 units in August, from 10,575 units a year earlier, according to data released by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI).
Go deeper with GlobalData
The association’s president, Elizabeth Lee, attributed the ongoing recovery in the vehicle market to the “continued improvement in domestic consumer and business confidence, which has been further supported by the recovery of the global economy from last year’s crisis”.
Sales in the first eight months of the year increased by 37% to 112,454 units, from 82,081 a year earlier, putting the market on track to beat the all-time record high set in 1996 of over 162,000 units. The association said revised full-year forecasts will be released later this month.
Passenger car sales increased by 34.6% to 39,126 units, while commercial vehicle sales – including SUVs, increased by 38.3% to 73,328 units.
Toyota accounted for 32.5% of sales during the eight-month period; followed by Mitsubishi with 18.9%; and Hyundai Asia Resources with 12.2%.
