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Philippine vehicle production slightly up in 8 months
MANILA, Philippines — While the Philippines posted a minimal increase in motor vehicle production in the eight months of the year, its growth continues to lag behind six of its Southeast Asian neighbors.
Data from the Association of Southeast Asian Nations (ASEAN) Automotive Federation (AAF) showed 54,918 motor vehicles were assembled in the Philippines from January to August, higher than the 54,551 units in the same period last year.
All other ASEAN countries tracked by AAF posted double and triple-digit increases in their motor vehicle production during the period, with Myanmar posting the fastest growth at 192.7 percent.
This was followed by Malaysia (70.3 percent), Vietnam (43.6 percent) Indonesia (33.2 percent) and Thailand (14.4 percent).
A total of 2.804 million motor vehicles were assembled in ASEAN as of end-August, 28.2 percent higher than the 2.188 million units in the same period a year ago.
In terms of motor vehicle sales, the Philippines sold 212,872 units in the first eight months, up 25.1 percent year-on-year.
Malaysia had the biggest growth in sales as of end-August at 62.9 percent followed by Vietnam and Thailand with an increase of 49.9 percent and 26.1 percent, respectively.
Indonesia also posted a 21.1 percent increase in motor vehicle sales during the period.
In contrast, both Singapore and Myanmar posted declines in motor vehicle sales, with the former posting the largest drop at 31.6 percent.
Motor vehicle sales in ASEAN rose by 31.3 percent to 2.206 million units from January to August.
The Philippines’ motorcycle and scooter production increased by 2.7 percent to 586,427 units.
Both Malaysia and Thailand posted increases in motorcycle and scooter production, with the former posting the largest increase at 60 percent.
Motorcycles and scooters assembled within ASEAN increased by 14.3 percent to 2.3 million.
The Philippines also registered a 10.5 percent growth in motorcycle and scooter sales, to 1.03 million units.
Malaysia posted the largest increase in motorcycle and scooter sales at 57.4 percent.
Thailand and Singapore also saw their motorcycle and scooter sales grow by 11 percent and 4.7 percent, respectively.
Total motorcycles and scooters sold in ASEAN went up by 16.3 percent to 2.68 million units as of end-August.
Source: https://www.philstar.com/business/2022/10/05/2214289/philippine-vehicle-production-slightly-8-months