MANILA, NNA – Sales of new vehicles in the Philippines posted a fifth straight month of year-on-year gains in June, with the pace of increase picking up from May, indicating the recovery in the local automobile market is strengthening.
The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) released the latest monthly data on Thursday.
-- New vehicle sales rose 8.7 percent to 31,950 in June after rising 1.2 percent in May and 0.8 percent in April, taking the total for the first six months of the year to 174,135, 1.5 percent more than a year earlier. Car sales slumped in 2018 on higher oil prices and the government’s imposition of excise tax on vehicles.
-- The Philippine central bank lowered its key interest rate in May as inflation began to ease. Last month, CAMPI-TMA attributed a slight increase in car sales to slowing inflation and lower borrowing costs.
-- Sales of passenger cars increased 22 percent y/y to 9,532, while commercial vehicle sales climbed 3.9 percent to 22,418.
-- Japanese automakers Toyota, Mitsubishi and Nissan remained the top three sellers. Toyota held onto the biggest market share of 45.6 percent, selling 14,568 vehicles, up 27.8 percent. Mitsubishi, with 16.6 percent share, sold 5,315, a 19.7 percent decrease. Sales of Nissan vehicles rose 40.7 percent to 3,872, for a 12.1 percent share.
-- “We remain very optimistic that the local auto industry is already on a path of steady growth after we concluded the first half of the year on a positive note,” CAMPI president Rommel Gutierrez said in a statement. “The automotive brands’ collective efforts, highlighted by fleet sales, good financing deals, and model updates and upgrades, show that we have learned to adjust and adapt to market conditions thus helping consumers acquire new vehicles with fewer hurdles.”