MANILA, Philippines – The Philippine automotive industry recorded a double digit growth in vehicle sales in April as both the passenger car (PC) and commercial vehicle (CV) segments continued to enjoy strong demand.
Vehicle sales reached 21,259 units in April, up 18 percent from 18,015 units sold a year ago, joint data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association Inc. (TMA) showed.
Driving the higher year-on-year sales was the PC segment which posted a 24 percent growth in sales to reach 8,331 units in April this year from 6,697 a year ago.
The CV segment sold 12,928 units, 14 percent more than the 11,318 units sold in the same month a year ago.
Month-on-month, the latest sales figure was 10 percent lower than March sales, which reached 23,557 units.
For the January to April period, CAMPI and TMA’s combined sales climbed 21 percent to 84,141 units from the 69,737 units in the comparable period last year.
PC sales for the four-month period posted a 35 percent increase to 33,382 units from the 24,824 units in the same period a year ago.
“This continuing increase in passenger car sales is an indication that the country has entered the motorization stage. This is also consistent with economists’ projection that consumer spending growth will remain strong as per capita income hopefully reaches $3,000 in 2015,” CAMPI president Rommel Gutierrez said.