Auto industry sales soar 19.5% in May

Total vehicle sales in May reached 26,370 units, up by 19.5 percent from 22,062 units recorded in the same period a year ago, a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) stated.

CAMPI President Atty. Rommel Gutierrez said that “the economic recovery from the ripple effects of the pandemic and the overall robust domestic demand are major contributing factors to the continued improvement of the automotive sales performance recorded in May”.

“Based on our data, the industry has already recorded double-digit percentage growths for three consecutive months on a year-over-year basis, indicating that recovery is underway,” he also said.

“The industry is optimistic for a sustained economic growth anchored on domestic demand amid the continued containment of the pandemic – all-important to the full recovery of the industry,” Gutierrez further added.

Year-to-date, CAMPI-TMA sold 126,273 units, equivalent to 14.6 percent growth compared with the same period last year.