PH still among fastest-growing auto markets in Asean
THE PHILIPPINES remained the third fastest growing market for vehicles in the region in terms of sales, fueled largely by the steady rise in domestic demand and the sustained robust growth of the local economy.
Data from the Asean Automotive Federation showed that local automotive vehicle sales bucked the regional decline of 5.6 percent, as domestic sales grew by 21 percent to 39,325 units as of the end of February this year.
This volume, however, accounted for a mere 8 percent of the total vehicle sales of 483,790 units across seven countries in the region.
In terms of sales growth in the first two months of the year, Vietnam grew at the fastest pace of 73 percent to 25,717 units, followed by Singapore at 49.3 percent to 8,547 units.
In terms of sales volume, however, Indonesia topped the charts having sold a total of 182,933 units as of end-February, followed by Thailand, which sold 123,666 units; and Malaysia, with 100,992 units.
The Philippines, Singapore and Vietnam, meanwhile, ranked fourth, fifth and sixth, respectively, in terms of sales volume while Brunei lagged at the seventh place, having sold only 2,610 units during the said period.
Data from the Asean Autofed further showed that the Philippines continued to lag behind four other Asean countries in terms of vehicle production.
As of end February this year, the Philippine automotive sector produced only 13,480 units, up slightly by 0.9 percent from the 13,357 units manufactured in the same period last year.
Thailand remained the region’s biggest manufacturer, having produced 344,751 units as of end February, followed by Indonesia, with 191,739 units; Malaysia, 103,612 units; and Vietnam, 19,856 units.
At present, the Philippine government remains hopeful of boosting vehicle production volumes with the anticipated issuance of an automotive manufacturing roadmap, meant to steer the Philippines to become a competitive manufacturing base for motor vehicles and its parts and components by 2025, and a global hub for automotive-related human resource development.
Local auto firms, however, lamented the fact that they have been waiting for more than two years for this roadmap, which would have spelled out the magnitude of their additional investments in the Philippines.
