Philippines: Vehicle sales zoom 31.5% in 5 months

MANILA, Philippines — Vehicle sales in the country remained on the uptrend in the five months of the year, growing by 31.5 percent.

Latest data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that new motor vehicle sales reached 166,104 units from January to May, higher than the 126,273 units in the same period last year.

In May alone, vehicle sales increased by 44.8 percent to 38,177 units from 26,370 units in the same period last year.

“The growth of new motor vehicle sales in May with nearly 45 percent increase is definitively driven by the high market demand, recording double-digit growths across all segments from the figures last year,” CAMPI president Rommel Gutierrez said.

“The industry also welcomed the country’s sustained economic improvement in major economic sectors, which remain an important factor toward an economic and market conditions that are favorable for the industry and consumers alike,” he said.

Gutierrez said the steady year-on-year growth recorded in the first five months gives the industry “a reason to be even more optimistic and grateful at the same time as attaining its growth forecast this year felt even closer to reality and proves rather possible.”

The May sales growth was led by commercial vehicles sales, which grew by 46.3 percent to 28,385 units.

Passenger car sales also went up by 40.6 percent to 9,792 units in May.

Sales growth in the first five months of the year was led by passenger cars, which grew by 32.7 percent to 41,862 units.

Similarly, commercial vehicles sales increased by 31.2 percent to 124,242 units.

Toyota Motor Philippines Corp. remained the market leader in the first five months, with a share of 46.47 percent as it sold 77,194 units.

Mitsubishi Motors Philippines Corp. ranked second with an 18.18 percent share as it sold 30,200 units.

Ford Motor Co. Phils. Inc. grabbed the third spot with a 6.69 percent market share, selling 11,108 units.

Nissan Philippines landed in the fourth spot with a 6.51 percent market share.

Honda Cars Philippines Inc. closed the top five with a 4.42 percent market share.

For this year, members of CAMPI and TMA are targeting a 10 to 15 percent growth, with sales projected at 395,000 units.

In 2022, vehicle sales grew 31.3 percent to 352,596 units.

Gutierrez earlier attributed the optimistic outlook for this year to the pent-up demand for new vehicles and improving supply.

“The supply continues to improve, and in fact we have many models coming this year. So that will really boost sales,” Gutierrez said earlier.

He said automotive brands are preparing for this year’s full recovery.