Car Loans Rise as Philippine Auto Industry Grows

Car loans climbed in June as the local automotive industry continued posting sales growth amid the perceived economic downturn.

Data from the central bank showed that automobile loans (ALs) stood at P79.1 billion as of end-June, 3.3 percent higher than the loans extended for car purchases at the end of the first quarter. Read more

Anti-Smuggling Group, Car Firms Team Up Against Smugglers

The Presidential Anti-Smuggling Group (PASG) and the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) signed recently an agreement to form an alliance against motor vehicle smugglers.

PASG chief Undersecretary Antonio Villar Jr. said the memorandum of agreement (MOA) would help protect the local automotive industry which has been losing billions of pesos due to what he described as unabated smuggling of motor vehicles. Read more

Philippine Car Sales Maintain Double-Digit Growth

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. Read more

Philippine Car Sales Down 14.9% in August

Vehicle sales for the month of August dropped 14.9 percent due in part to limited stock availability, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report.

However, cumulative sales for the first eight months of the year showed a 13.1 percent growth. In fact, when compared to other countries, the Philippines is doing well. For instance, the US auto market has been dropping for 10 straight months.

In a statement, CAMPI president Elizabeth H. Lee said August is considered the ghost month in the industry because it is seasonally low month Read more

CAMPI: Auto Sales up 14.2% Despite High Oil Prices

Auto sales went up by 14.2 percent to 73,290 units in the first seven months of the year despite the unabated increase in oil prices, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report.

CAMPI president Elizabeth H. Lee said the automotive industry remains confident that they will reach their sales target of 125,500 units for this year. Read more