Vehicle sales in the Philippines increased by 37.7% year-on-year in July to 15,972 units, from 71,506 units a year earlier, according to data released by the Chamber of Automotive Manufacturers in the Philippines Inc (CAMPI). The association’s president, Elizabeth Lee, attributed the ongoing sales growth to a ”strengthening consumer and business confidence”.
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Lee added that sales were also helped by good supply of vehicles, new models and competitive finance packages available to consumers.
Sales in the first seven months of the year were 37.2% higher at 98,119 units, compared with 71,506 units in 2009. Passenger car sales were up by 34.7%, while commercial vehicle sales jumped by 38.6%.
Toyota sales rose by 29.3% in the seven month period to 31,745 units, resulting in a drop in market share from 34.3% to 32.4%. Mitsubishi sales increased by 42.8% to 18,504 units in the same period; while Hyundai sales more than doubled to 11,836 units.
The government is currently reviewing its automotive policies to help make it more attractive to assemble and export vehicles. The move comes as Ford, the country’s only vehicle exporter, recently announced plans to shift Focus production from the Philippines to Thailand, with Mazda looking to do the same with the 3. The company still exports the Explorer and Escape throughout the ASEAN.
The Board of Investments (BOI) said it will propose the Motor Vehicle Development Plan II as an addendum to the current MVD P to specifically address the needs of vehicle exporters. BOI director Cristino Panlilio said “the government must increase incentives to encourage local manufacture and exports”.
