CAMPI: Automobile Sales Up 19% in March
Automobile sales went up by 19 percent in March from a month ago level as a stable financial environment helped consumers borrow money in order to purchase vehicles, the Chamber of Automotive Manufacturing of the Philippines Inc. (CAMPI) said.
”The local industry’s resiliency and very strong March performance is an indication of consumers’ positive economic outlook reflected in the 19 percent increase in March auto purchases on top of the 2.7 percent increase in Feb purchases and January’s flat growth. We are hopeful that the positive trend will continue,” CAMPI president Elizabeth H. Lee said.
“So far, our auto industry continues to buck the general global trend and continues on a growth path. We continue to be optimistic and do everything we can to maintain competitive prices, offer vehicles packages at affordable rates that serve consumers’ vehicle needs,” Lee said.
According to Lee, key to the industry’s sustained growth is the stable financing environment where buyers are able to take out loans to finance their purchases.
In fact, she said the industry sees some optimism through the aggressive stance of some major banks that recognize the growth potential of the auto industry by offering affordable loan packages to consumers nationwide – the most recent were BPI’s Auto Madness and BDO’s Deals on Wheels nationwide events.
Lee noted that they remain cautiously optimistic. OFW remittances and the entrepreneurial trend are major factors which continue to impact car sales in a positive way.
Filipino expats who have returned are using their talents to start a business which in turn helps spur sales of dual-purpose vehicles such as Vans, Pickup trucks, AUVs, giving buyers the most value for their money especially when starting a business.
Total industry sales stood at 10,746 units for March which is even higher than 2008’s monthly average of 10,370 or 3.6 percent higher than last year’s monthly average.
However, first quarter sales went down by one percent when compared to the same period last year.
Both passenger cars (PC) and commercial vehicles (CV) showed robust growth of 19 percent with CVs taking the lead with 64 percent market share and 6,981 unit sales nationwide. Total first quarter auto sales reached 28,564 units .
Toyota sold most vehicles with 34.2 percent of the market followed by Mitsubishi Motors Philippines Corp. with 17 percent and Honda Cars Philippines with 15.8 percent.
By Ma. Elisa P. Osorio, Philippine Star
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