New vehicle sales in the Philippines increased 7% to 39,155 units in August 2024 from 36,714 units a year earlier, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).

The vehicle market continued to grow moderately this year after rebounding strongly in the previous two years from the pandemic lows, driven by strong domestic economic activity.

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Government data shows GDP expanded by 6.3% year on year in the second quarter, up from 5.8% in the first quarter, driven by strong government spending and investment.

Household spending growth was steady at 4.6% in the second quarter despite the central bank having hiked its benchmark interest rate from 2% to 6.5% in the last two years as it focused on containing inflation and on supporting the peso.

Rizal Commercial Banking Corporation’s chief economist Michael Ricafort said: “Newer models, more brands, more electric and hybrid vehicle launches, favourable demographics and improving employment data in recent months are still driving the demand for vehicles.”

Vehicle sales last month were driven higher by an 11% increase in commercial vehicle deliveries while passenger vehicle sales dropped 6% to 9,529 units with adverse weather including widespread flooding holding back deliveries and sales in the last two months.

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Data released by the two associations shows vehicle sales rose by 10% to 304,765 units in the first eight months of 2024 from 276,200 a year earlier, with commercial vehicle sales increasing by 9% to 224,438 units while passenger car sales rose by 14% to 80,327 units.

Toyota reported an 11% sales increase to 140,654 units in this period followed by Mitsubishi with 58,513 units (+16%); Ford 18,961 (-4%); Nissan 18,270 (-2%); and Suzuki 13,206 (+12%).

Earlier this year, the Philippine government added hybrid electric vehicles (HEVs) to its EO12 zero tariff programme which was previously available only for zero emission vehicles such as battery electric vehicles (BEVs), until 2028. Local automakers said they plan to step up HEV launches in response to this new policy.

Toyota is expected to launch its new Tamaraw utility vehicle in October with deliveries expected to start in November. The model is based on the new Hilux Champ entry level pickup truck produced in Thailand.