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Philippines auto industry still second fastest growing in Asia
MANILA, Philippines – The Philippine automotive industry maintained its position as the second fastest growing market in Southeast Asia despite a slowdown in sales in February, but lost its regional leadership in terms of motorcycle sales growth.
Latest data from the ASEAN Automotive Federation showed the Philippine automotive industry’s 17.4 percent growth in the first two months was the second fastest increase in the region, next to Myanmar’s 35.9 percent year-on-year acceleration.
The Philippines moved up to become the second fastest growing automotive market in Southeast Asia in the opening months of 2017 after consistently being ranked third throughout last year.
For February alone, the Philippines dropped in ranking as the fifth fastest growing market due to a slowdown in vehicle sales while other countries like Vietnam, Thailand, Malaysia and Myanmar posted faster growth.
Overall, the region recorded a nine-percent increase in vehicle sales to 507,072 units for the first two months from 464,997 units in the same period last year.
Meanwhile, the Philippine motorcycle market lost its position as the fastest growing market in the region in terms of sales growth as of end-February.
The ASEAN Automotive Federation data showed that motorcycle and scooter sales in the country was overtaken by Singapore.
Singapore’s sales posted an 11.2-percent year-on-year growth while the Philippines recorded a 10-percent jump.
Overall, total motorcycle sales in the region declined 2.7 percent in the two-month period to 1.49 million units from 1.53 million units last year.
In terms of production, total number of locally produced vehicles in January and February stood at 22,651 units, while motorcycles reached 200,997 units.
Source: http://www.philstar.com/business/2017/04/10/1689288/phl-auto-industry-still-second-fastest-growing-asia