MANILA: The Philippine automotive industry posted another record month in May as vehicle sales rose by 30 percent to 30,157 units, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi).
Last month’s sales has brought the total volume of vehicles sold in the first five months of the year to 134,328 units, reflecting a 25 percent growth compared to the same period last year, joint data from Campi and the Truck Manufacturers Association showed.
“With another impressive sales figure, we can see there has been continuous demand for mobility. We expect new models to reach the market with positive response as we also look at July figures to have a stable to higher sales performance,” Campi president Rommel Gutierrez said in a statement issued Wednesday.
Campi said both the passenger car (PC) and commercial vehicle (CV) segments saw healthy sales performances from the January to May period amid stiffer competition among industry players. Stock availability further drove vehicle sales as new and refreshed models were introduced to the market.
Joint Campi and TMA data showed passenger car segment grew 14 percent to 10,893 units in May, bringing the year-to-date figure rising 18 percent to a total of 50,609 units. The number of units sold under the commercial vehicle segment, meanwhile, rose 30 percent to 83,719 units in the first five months of the year.
As of end May, Toyota Motor Philippines Corp. continued to dominate the market with a 42.95 percent market share (57,756 units sold) followed by Mitsubishi Motor Philippines Corp. with 18.29 percent (24,601 units); Ford Motor Co. Philippines Inc. with 10.38 percent (13,961 units); Isuzu Philippines Corp. with 8.04 percent (10,819 units); and Honda Cars Philippines with 6.69 percent (8,991 units).