New vehicle sales in the Philippines increased by close to 8.9% to a new record high of 15,917 units in November, compared with 14,617 units sold in the same month of last year, according to data released jointly by Chamber of Automotive Manufacturers of Philippines and Truck Manufacturers Association.

This data does not include sales of non-affiliated brands such as Hyundai, Chevrolet and some smaller players, which together account for around 15% of the market.

Low interest rates and strong economic growth continued to fuel new vehicle demand, with last month’s devastating typhoon so far having limited impact on deliveries. 

Passenger cars led the market higher in November, with volumes rising by 9.9% to 5,479 units, from 4,984 units previously, while commercial vehicle sales increased by 8.4% to 10,438 units. 

Cumulative 11 month sales increased by 16.2% to 164,098 units, from 141,280 units, with passenger car sales 27.6% higher at 54,966 units and commercial vehicles sales up 11.1% at 109,132 units.

Toyota remained market leader in November with total sales rising by over 29% to 7,458 units. Mitsubishi reported a 5.8% decline in sales to 3,618 units, while Honda’s sales were almost 35% lower at 665 units.

Separately, Hyundai reported a 2.3% rise in sales in November to 1,712 units, although year-to-date sales were 4.3% lower at 19,617 units.

CAMPI expects full-year vehicle sales, including those of non-affiliated brands, to reach a new record high of 210,000 units, up by close to 15% from the 182,779 units sold in 2012.