Sales of auto vehicles in the Philippines accelerated by almost a fifth in February, driven mostly by purchases of commercial vehicles such as trucks and other utility vehicles.
According to the joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association (TMA) released on Wednesday, a total of 72,132 new vehicle units were sold during the month.
This is equivalent to a 19.4-percent increase compared to the 60,404 units sold in February of 2023.
Campi president Rommel R. Gutierrez said that early marketing campaigns and improved inventory supported by stable interest rates continued to boost customer confidence.
“We hope to keep this momentum and achieve a strong first quarter finish, which will set the outlook for 2024”, Gutierrez said, adding that they are looking at a very strong performance this year given the planned staging of the 9th Philippine International Motor Show later this year.
Vehicle sales forecast
Earlier this year, the Campi had said that they have a conservative forecast of selling 468,300 vehicle units this year, which will mark a 9-percent increase compared to full-year figure last year if it is reached.
Annual sales reached 429,807 vehicle units in 2023, a level that has surpassed prepandemic levels.
Before that record-high number, unit sales were at 352,596 in 2022, 268,488 in 2021, 223,793 in 2020 and 369,941 in 2019.
The other vehicle segment—passenger cars—comprised the remaining 25 percent with the sale of 18,084 units.In terms of brands, Japanese brands still dominated the Philippines automotive market to date.Toyota Motor Philippines Corp. is still at the top spot, with a wide market lead of 44.59 percent.
