MANILA, Philippines—Vehicle sales in the first eight months of the year improved on the back of an upbeat economy despite a slight decline in August caused by weather disruptions, according to the Chamber of Automotive Manufacturers of the Philippines (Campi).
Campi data showed that vehicle sales as of August increased by 6 percent to 98,725 from the 93,108 sold in the same period last year.
“The strong growth can be attributed to the influx of new model introductions for the year and the country’s positive economic outlook, which has resulted in the increase in purchasing power of the Filipinos,” Campi said in a report.
In terms of brand performance as of August 2012, Toyota Motor Philippines continues to lead the industry with a 40.9 percent share of the market, followed by Mitsubishi’s 23.1 percent and Honda with 8.3 percent.
For the month of August alone, Campi members registered total industry sales of 11,351 units—a 1-percent drop from the 11,511 units sold in the same month last year.
Campi attributed the slight decline to the strong monsoon rains that had caused severe flooding throughout Metro Manila. This likewise resulted in fewer working days on top of the national holidays declared during the month.
“The continued strong performance posted by the industry is a clear sign that supply is now stable and manufacturers are able to serve strong demand of the market,” Campi President Rommel Gutierrez said in a statement.
The continuous monsoon rains during the first week of August took away sales opportunities from the automotive industry, but Gutierrez said the group was still optimistic about reaching its market forecast of 185,000 unit sales by end of the year.
“The strong demand [in the first eight months] is a testament to the industry’s bullish performance and positive outlook for the remainder of 2012,” Gutierrez said.