PH auto sales surge nearly 20% in February

ROBUST GROWTH | Vehicle sales surged in February as stable interest rates continued to boost customer confidence. (Photo by NIÑO JESUS ORBETA / Philippine Daily Inquirer)

MANILA, Philippines — Auto vehicle sales in the Philippines increased by nearly 20% in February, mainly due to higher purchases of commercial vehicles like trucks.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (Campi) and the Truck Manufacturers Association (TMA) showed that 72,132 new vehicle units were sold during that 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.

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“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.

A closer look at the data from the two industry groups showed that commercial vehicles accounted for 75 percent of total sales in February, with 54,048 units in this vehicle category sold in the local market.In this vehicle segment, light commercial vehicles continued to be the main driver with 40,201 units sold, which is equivalent to a 74-percent share.

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.

It is followed by Mitsubishi Motors Philippines Corp. with 18.87 percent, Ford Motor Company Philippines Inc. with 7.12 percent, Nissan Philippines Inc. with 7.05 percent and Suzuki Philippines Inc. with 3.85 percent.