The Philippine vehicle market grew by over 23% to a monthly record of 24,185 units in June, from 19,622 units a year earlier, according to 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.
Cumulative six month sales increased by 21% to 131,465 units, from 108,957 units a year earlier, as low interest rates and strong economic growth continued to drive demand.
Passenger vehicle sales increased 30% to 52,778 units in the first half of the year, from 40,609 units previously, while commercial vehicle sales increased by just over 15% to 78,687 units from 68,348 units.
CAMPI expects full year vehicle sales, including those of non-affiliated automakers, to reach 310,000 units in 2015.