Philippine Car Sales Maintain Double-Digit Growth
October 7, 2008 by Tsikot
The Philippine automotive market is on track in meeting its sales forecast for the year as it posts another double-digit growth amid a shaky economic backdrop.
Data from the Chamber of Automotive Manufacturers of the Philippines (CAMPI) showed that car sales jumped 10.4 percent as the industry sold 10,937 units in September.
“I think it’s really entrepreneurship. We would have wanted a stronger growth, but compared with other markets, we are still lucky because they are really down,” CAMPI President Elizabeth Lee said in a phone interview.With new models coming out, Lee said consumers are also taking advantage of the lower price of old inventories as car manufacturers have started hiking prices to reflect higher logistics and raw material costs.
“Increases in car prices have been held off since early this year. So far, the industry is on target to reach the forecast of 125,000 units for 2008,” Lee added.
Bulk of the sales were posted in the commercial vehicles segment, which accounted for 64 percent of the industry’s market share for the month.
“Fleet sales deliveries, timely stock arrivals and new models introduced helped boost sales in the segment. Sales of the popular multi-use Vans, pick ups and Asian Utility Vehicles remain the backbone of commercial vehicle sales,” Lee said.
Most of the other vehicle segments also posted sales growth in September.
Year to date sales of light trucks, however, declined by 17 percent in September compared to the sales in the previous month due to “unavailability of stocks.”
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