ROBUST GROWTH | Vehicle sales are surging as the economy recovers from the pandemic. (Photo by NIÑO JESUS ORBETA / Philippine Daily Inquirer)
MANILA, Philippines — Automotive vehicle sales in the Philippines rose by double-digits for the sixth straight month this year, rising by nearly a third in June and ending the first half of the year for the local industry on a high note.
A joint report from the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) released on Tuesday showed that new vehicle sales reached 36,311 units—a 27-percent increase compared with 28,601 units recorded in the same month in 2022.
Rommel Gutierrez, president of Campi, said the latest posting was a reflection of improved consumer spending for big-ticket items amid the significant market size for new motor vehicle sales, adding that this was the growth anchor of the industry.
“Rightfully so, demand for motor vehicles that respond to the needs of the customers will yield strong gains for the industry,” he said in a statement.
Strong performance
The June posting brought the year-to-date sales to 202,415 units, which is equivalent to a 30.7 percent increase compared to the previous year.
Gutierrez said the performance during the first half of the year sends a “strong signal of sustained optimism” for the local automotive sector, with the industry having high hopes of achieving its growth rate target of 10 to 15 percent for the whole of 2023.
The number of automotive vehicles sold in the Philippines reached 352,596 units in 2022, growing by 31.3 percent compared to the 268,488 units sold in the previous year.
Postpandemic recovery
The full-year performance in 2022 indicated a strong sign of recovery for the sector, closing the gap further to prepandemic levels.
Vehicle sales in 2019— the year before the outbreak of the pandemic—stood at 369,941 units, which substantially plunged to 223,793 units in 2020.
Japanese brands still dominated most of the market in June, with Toyota Motor Philippines Corp. still having a wide lead with a market share of 45.11 percent or 16,381 units.
Mitsubishi Motors Philippines Corp. followed with an 18.73 percent market share; Ford Motor Company Phils Inc. with 7.52 percent, Nissan Philippines Inc. with 6.58 percent, and Honda Cars Philippines Inc. with 3.66 percent.