By Bernie Cahiles-Magkilat
After seven months of steep declines, motor vehicle sales finally picked up in August with 8.1 percent increase against July sales boosted by various product launches.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed month-on-month growth of 8.1 percent as the industry was able to sell 30,313 units in August 2018 from 28,038 units in July 2018.
CAMPI president Rommel Gutierrez said car sales were boosted by intensive promotional campaigns and new model launches. “Coming from a double digit decline in July, our August sales performance is an indication of improving consumer confidence.”
The passenger car segment registered the highest month-on-month growth at 24.4% with 8,678 units, while commercial vehicle sales slightly grew by 2.7 percent with 21,635 units. Commercial vehicle sales performance was pushed mainly by Light Commercial Vehicle category, which grew by 10.2% with 17,354 units.
Toyota Motor Philippines Corporation continues to dominate the automotive market with 42% share, followed by Mitsubishi Motors Philippines Corporation with 19.2 percent, Nissan Philippines, Inc. with 9 percent, Ford Motor Company Philippines, Inc. with 7.1 percent and Honda Cars Philippines, Inc. with 6.7 percent.
But overall sales for the first eight months of 2018 was still lower by 14.3 percent at 229,941 units compared to 268,424 units during the same period in 2017.
The industry, however, has remained optimistic that vehicle sales will continue to pick up throughout the last quarter of the year.