According to foreign media reports, wholesale data from member companies jointly released by the Philippine Automobile Manufacturers Association (CAMPI) and the Truck Manufacturers Association (TMA) shows that in August 2024, new car sales in the Philippines increased from 36,714 in the same period last year.
39,155 vehicles, an increase of 7%.
Data released by the two associations show that in the first eight months of 2024, cumulative car sales in the Philippines increased from 276,200 in the same period last year to 304,765, an increase of 10%.
Among them, commercial vehicle sales increased to 224,438, an increase of 9%.
passenger car sales increased to 80,327, an increase of 14%.
From January to August this year, Toyota’s sales in the Philippines increased by 11% to 140,654 units, followed by Mitsubishi (58,513 units, up 16%), Ford (18,961 units, down 4%), Nissan (18,270 units, down 2%) and Suzuki (13,206 units, up 12%).
Photo source: CAMPI, Driven by strong domestic economic activity, the Philippine auto market has continued to grow steadily this year after recovering strongly from the trough of the pandemic in the past two years.
, Philippine government data showed that the country’s GDP grew by 6.
3% year-on-year in the second quarter, driven by strong government spending and investment, up from 5.
8% in the first quarter.
Although the Central Bank of the Philippines has raised its benchmark interest rate from 2% to 6.
5% over the past two years to curb inflation and provide support for the Philippine peso, household spending growth remained stable at 4.
6% in the second quarter.
Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, said: “Newer models, more brands, more releases of electric and hybrid vehicles, favorable demographics and improving employment data in recent months are still driving consumer demand for cars.
“, Last month, although passenger car sales in the Philippines fell 6%, overall car sales increased due to an 11% increase in commercial vehicle deliveries.
Severe weather such as widespread floods has affected car deliveries and sales in the country in the past two months.
Earlier this year, the Philippine government added hybrid electric vehicles (HEVs) to its EO12 zero-tariff plan until 2028.
The plan previously only applied to zero-emission vehicles, such as pure electric vehicles (BEVs).
Local automakers said they plan to step up the launch of hybrid vehicles in response to the new policy.
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