Local Auto Sales Surge 33.8% in January 2010
February 11, 2010 by Tsikot
The local auto industry reported a strong performance in January as sales went up by a strong 33.8 percent to 11,763 units from a year ago level.
The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said the growth was backed by a strong dollar inflow from overseas Filipino worker (OFW) and an increase in domestic business activity.
“A high January sales volume augurs well for the year. It is a good start for stronger sales for 2010,” CAMPI president Elizabeth H. Lee said.
“ We are looking forward to a much stronger growth for this year with increased spending as a result of bullish OFW remittances which is projected to grow by eight percent or exceeding $18 billion; increased appetite for investment and business expansion; continued liquidity in the market; ease in taking out loans and availability of loans serving buyers needs; ….not to mention this being an election year as well,” Lee added.
However, month-on-month comparison showed a decline of 13.5 percent as sales for December 2009 stood at 13,596 units. In spite of this, Lee stressed that this will be a good year for the industry.
Passenger car sales went up by 14.3 percent while sales of the commercial vehicle segment continued to remain strong with a 46 percent growth against the same month last year.
“To a certain extent, a strong vehicle sales is reflective of a stronger economic environment. With the robust growth of commercial vehicle sales particularly Asian utility vehicle (AUV) and light commercial vehicle (LCV) where most are used for both family and for business use, Filipinos are now showing more aggressiveness in either starting a business or expanding their current business,” Lee said.
Commercial vehicle sales cornered 67.2 percent share of total nationwide sales. Passenger car sales remained positive with higher sales of 14.3 percent from a year ago level.
Toyota Motor Philippines Corp. dominated the market with 32.9 percent market share followed by Mitsubishi Motors Philippines Corp. with 20.5 percent, Honda Cars Philippines Inc. with 11.2 percent, Hyundai Asia Resources Inc. with 10 percent and Isuzu Philippines Corp. with 5.3 percent.
By Ma. Elisa P. Osorio, Philippine Star
Loading ...
"Toyota Motor Philippines Corp. dominated the market with 32.9 percent market share followed by Mitsubishi Motors Philippines Corp. with 20.5 percent, Honda Cars Philippines Inc. with 11.2 percent, Hyundai Asia Resources Inc. with 10 percent and Isuzu Philippines Corp. with 5.3 percent."
Hello Toyota wake-up you are No.1 but no program for OFW unlike Honda, Mitsubishi & Isuzu. Toyota wants to harvest the fruit without planting anything to OFW. Truely if they value OFW they should have a program if nothing they don't have the right to value OFW whoever among the members of CAMPI.