The Philippine automotive industry chalked up another record in February this year, with vehicle sales hitting 20,663 units, up 22.6 percent from the 16,859 units sold a year ago. AFP photo
MANILA, Philippines–The Philippine automotive industry chalked up another record in February this year, with vehicle sales hitting 20,663 units, up 22.6 percent from the 16,859 units sold a year ago.
This brought total vehicle sales in the first two months of the year to 39,325 units, reflecting a 21-percent increase from a year ago, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA).
“There seems to be no let-up in sales. With fewer calendar days for February, the industry is surprised to see sales reaching a level normally achieved during the peak month of December,” Campi president Rommel Gutierrez said in a statement issued Thursday.
Data from Campi and TMA showed that all product segments enjoyed brisk sales in the first two months of the year.
In the passenger car segment for instance, Campi noted that sales surged 40.2 percent to 15,349 units, as consumers continued to take advantage of the offers attached to new models introduced since the last quarter of 2014.
Sales of commercial vehicles were also on the rise, as the segment posted an 11.2 percent increase to 23,976 units as of end February, from the 21,561 units sold by the group a year ago.
Within the commercial vehicle category, light trucks sales registered a 10.2-percent growth to 703 units as of end February, while the category 4 and 5 trucks and buses segments each saw a 48.3-percent increase in sales to 256 units and 155 units, respectively.
The light commercial vehicle sector, which comprised 66 percent of the whole commercial vehicle segment, posted a 14.5- percent growth in sales to 15,757 units.
“If this trend continues, the industry may again exceed its target for the year,” Gutierrez added.
Campi had forecasted total vehicle sales to reach 310,000 units this year, reflecting a 15-percent growth from the 269,058 units sold in 2014.
As of end-January 2015, Toyota Motor Philippines Corp. continued to lead the industry with a market share of 44.7 percent, equivalent to a total sales of 17,579 units, followed by Mitsubishi Motors Philippines Corp. with an improved share of 18.6 percent (7,313 units).
Ford Motor Co. Phils. Inc., meanwhile, took the third spot with a market share of 8.64 percent (3,396 units), followed by Isuzu Philippines Corp., which captured a 7.73-percent of the market (3,040 units). Rounding up the top five was Honda Cars Philippines Inc. with a 6.02-percent share, equivalent to 2,368 units.