New vehicle sales in the Philippines continued to rise in February – with sales up 17% to 16,828 units compared with 14,429 units sold in the same month of last year, according to data released jointly the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA).
This data does not include sales of non-affiliated brands such as Hyundai, Chevrolet, Subaru and some smaller players, which together typically account for around 15% of the total market.
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Strong growth continued despite fewer working days in February because of the Lunar New Year holidays. Domestic consumer confidence remains strong in the country and central bank interest rates are at a historic low of 3.5%.
Sales in the first two months of 2013 increased by over 21% to 32,470 units, from 26,742 units a year earlier, driven by a 24% jump in passenger car sales to 19,918 units. Commercial vehicle sales were also strong – rising by over 20% to 21,552 units in the same period.
CAMPI expects the overall new vehicle market, including sales by non-member brands, to hit a new record high of 230,000 units this year, from 209,000 in 2013.
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