Vehicle sales in the Philippines rose by 6.7% to 10,575 units in August, compared with 9,906 units a year earlier, according to data released by Chamber of Automotive Manufacturers of the Philippines (Campi).
The improvement, while compared with weak year-earlier data, does reflects an improving trend in the market as the country’s domestic economy continues to be lifted by lending growth and strong remittances from overseas workers.
Year-to-date sales at the end of August were 1.3% lower at 82,081 units, compared with 83,196 units a year earlier – a significant improvement of the 2.4% decline in January-July sales.
Campi president Elizabeth Lee expects year-on-year comparisons to continue to improve in the final months of the year and re-iterated the association’s forecast of 125,000 vehicle sales for the whole of the year.
Toyota sold 28,076 vehicles year-to-date, 6.6% lower than a year earlier; while Mitsubishi’s sales rose by 32.5% to 14,763 units; followed by Honda with a 17.7% rise to 11,559 units.