MANILA, Philippines—The local automotive industry continues to swim against the tide, with sales in the first 10 months dropping 2.4 percent to 119,152 units from 122,034 in the same period last year.
BUMPY ROAD AHEAD. Sales in recent months barely recovered the losses in the local automotive industry, due to crises in Japan and flooding in Thailand. AFP FILE PHOTO
According to data from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association, sales in October alone actually recovered, jumping 7.8 percent to 13,489 units from 12,517 units a year ago.
The recovery, however, was not enough to offset the bad months that the industry suffered following the triple crisis in Japan in March.
While the impact of the Japan situation had started to ease, Campi said the industry was in for another tough ride because of the flooding in Thailand.
“With the supply situation in Japan moving toward normalization, the automotive industry is bracing itself for the possible impact of another natural disaster being experienced in Thailand. Floods have inundated several vehicle and parts manufacturing plants in Thailand, resulting in the shutdown of their operations,” Campi said.
It said local assemblers were closely monitoring the developments in Thailand as it was the Philippines’ major source of vehicles and parts.
All industry segments and sub-segments—except light trucks, trucks and buses—registered a drop in sales in the first 10 months.
The commercial vehicle segment posted a sales drop of 2.1 percent to 79,867 units in January to October from 81,579 units a year ago.
Sales of light commercial vehicles, which traditionally accounted for the majority of commercial vehicle sales, also fell to 48,011 units from 48,954 units a year ago.
Passenger car sales declined by 2.9 percent to 39,285 units in January to October from 40,455 units a year ago.
Toyota Motor Philippines Corp. continued to hold on to the industry crown, posting 45,316 units in sales in the first 10 months for a 38.03-percent share of the market.
On the No. 2 slot was Mitsubishi Motors Philippines Corp., which held a 22.86-percent share of the pie on sales of 27,240 units in the same period.