Philippine vehicle sales up 27.2% in February
Local automotive manufacturers are optimistic to surpass pre-pandemic sales levels this year with up to 15% growth, on the back of what they described as “favorable” economic indicators and the growth
In a joint report released Monday, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said they forecast sales to hit 395,000 units this 2023.
The groups are optimistic of recording 10% to 15% growth from the 352,596 units sold in the past year, with the year-to-date sales already at 60,464 units as of end-February, 34% higher than the same period in 2022.
Should it be realized, the sales would be higher than pre-pandemic levels, and only second to the sales in 2017 or the year before the implementation of excise taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
“Favorable various economic indicators are prevailing, leading to improving the overall outlook of the economy alongside increasing consumer demand for new motor vehicles,” CAMPI president Atty. Rommel Gutierrez said.
This comes as the industry reported 30,905 units sold in February, reflecting a 27.2% increase from the 24,304 units sold the same month last year, and 4.8% higher than the 29,494 units sold in January.
“A clear indicator of a ‘continuously progressing auto industry’ from the course of the pandemic,” Gutierrez said.
Broken down, passenger car sales accounted for 7,189 units; commercial vehicle sales for 23,716 units; Asian utility vehicles (AUVs) with 4,896 units; light commercial vehicles (LCVs) with 18,035 units; Light trucks with 438 units; and trucks and buses with 347 units. — RSJ, GMA Integrated News