Vehicle sales up by 20%
The Philippine automotive sector continued its strong double-digit growth in the first five months of the year as vehicle sales rose by 20.1 percent to 107,280 units.
In May alone, vehicle sales rose by 18 percent to 23,139 units from the 21,259 units sold in the same month last year, data from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck Manufacturers Association (TMA) showed.
“This consistent growth in sales is mainly because of attractive and flexible financing options and new model introductions from several brands,” said Campi president Rommel Gutierrez.
Industry data showed that, in the first five months of the year, sales of passenger cars grew by 32.8 percent to 42,938 units, while that of commercial vehicles rose by 12.9 percent to 64,342 units.
As of end-May this year, Toyota Motor Philippines Corp. continued to dominate the market with a 44.6-percent market share equivalent to total sales of 47,794 units. It was followed by Mitsubishi Motors Philippines Corp. with 19.2 percent (20,591 units). Ford Motor Philippines took the third place with an 8-percent share (8,557 units), while Isuzu Philippines Corp. landed fourth with 7.5 percent (8,010 units). Honda, meanwhile, ranked fifth among local automotive firms with a 6.3-percent market share (6,785 units).
Also, Campi welcomed the passage of Executive Order No. 182, or the Comprehensive Automotive Resurgence Strategy (CARS) Program, which would give local assemblers and auto parts makers with as much as P27 billion worth of incentives.
The program is expected to open up opportunities for local manufacturers to boost their competitiveness.
