Philippine new vehicle sales rose 9.5% to 38,628 units in September 2023 from 35,282 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).
Growth slowed significantly in September from previous months with the market coming up against increasingly strong year earlier volume following the strong rebound from the pandemic lows over the last two years.
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Economic growth slowed sharply in the second quarter of 2023, to 4.3% year on year from 6.4% in the first quarter and 7.6% in the whole of 2022, with domestic consumers feeling the impact of the central bank’s aggressive interest rate hikes in the last 18 months from 2% to 6.25%.
In the first nine months of the year, vehicle sales increased 27% to 314,843 units from 248,154 in the same period of 2022 with passenger car sales surging 33% to 80,009 units while commercial vehicle sales increased by 25% to 234,834, driven mainly by strong demand for pickup trucks.
Toyota has underperformed so far this year with sales rising just 15% to 144,230 units while Mitsubishi sales surged 65% to 58,058 units on strong demand for its Xpander and Mirage. Ford sales increases 42% to 23,078 units driven by strong demand for the new Ranger pickup truck.
The Philippines government said it was considering introducing a package of incentives to boost the switch to electric vehicles, initially targeting public transport and motorcycles.
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