MANILA?Sales of motor vehicles in the Philippines hit a historic high in 2010, beating a record set in 1996, the industry's leading trade association said on Saturday.
Sales in 2010 stood at 168,490 units up 27.2 percent year on year, the Chamber of Automotive Manufacturers of the Philippines Inc. said.
The growth was due to heavy spending for national elections in May and the need to replace vehicles damaged by floods and typhoons in 2009, it said.
Sales growth was forecast to taper off to four to five percent this year but the association also expected more investment in the sector due to renewed business confidence.
Sales of passenger cars, trucks and vans all grew by double-digits last year, the association said, without giving exact figures.