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Manila Bulletin devider Business devider Trade & Industry devider Oil shock tests Philippine auto demand as buyers turn to EVs

Oil shock tests Philippine auto demand as buyers turn to EVs

Published May 6, 2026 03:36 pm
Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) officers gather ahead of the 10th Philippine International Motor Show (PIMS) during a press conference. From left: Victor Vinarao of Mitsubishi Motors Philippines, Rhys Alexei Murillo of Nissan Philippines, CAMPI President Jose Maria Atienza of Toyota Motor Philippines, Robert Carlos of Isuzu Philippines, and Louie Soriano of Honda Cars Philippines. (Photo by Gabriell Christel Galang)
Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) officers gather ahead of the 10th Philippine International Motor Show (PIMS) during a press conference. From left: Victor Vinarao of Mitsubishi Motors Philippines, Rhys Alexei Murillo of Nissan Philippines, CAMPI President Jose Maria Atienza of Toyota Motor Philippines, Robert Carlos of Isuzu Philippines, and Louie Soriano of Honda Cars Philippines. (Photo by Gabriell Christel Galang)
Prolonged surge in global oil prices driven by Middle East tensions is dampening Filipino consumer spending and accelerating the market shift toward electric vehicles (EVs), according to the country's leading automotive industry group.
In a briefing, Jose Maria Atienza, Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) president, said the continued pressure on global oil markets has started to soften demand for new vehicles.
Atienza added that geopolitical tensions in the Middle East are also creating a domino effect that initially hits local fuel prices before gradually dampening consumer purchasing power.
“We all know it’s not only fuel prices. Everything will be affected,” Atienza told reporters. “It may also affect the buying power or even the stance of customers on what they would like to spend on.”
The macroeconomic pressure is already driving the psychological shift among Filipino consumers. As rising energy costs squeeze household budgets, buyers are becoming more cautious, leading to a gradual decline in demand for traditional internal combustion engine (ICE) vehicles.
Consequently, buyers are accelerating their transition toward more fuel-efficient alternatives.
“There’s also a growing demand for other types of vehicles,” Atienza said, noting that while conventional engines still dominate, EVs have enjoyed steady gains over the last five years. “It’s a very normal trajectory. But what’s happening now has just accelerated that.”
According to the latest CAMPI and Truck Manufacturers Association (TMA) joint sales report, new motor vehicle sales in the Philippines declined by 10.4 percent year-on-year in March to 36,104 units. This contraction dragged total first-quarter sales down by 9.8 percent to 105,642 units compared to the same period last year.
Passenger car volumes took the hardest hit, plunging 17.2 percent to 20,151 units in the first three months of the year, while commercial vehicle sales fell 7.8 percent to 85,491 units.
Atienza, however, clarified that while demand for conventional combustion engines is unlikely to plunge abruptly in the near term, the market share for hybrid and EVs is expected to expand along a steeper growth curve.
Sales of EVs skyrocketed by 101.3 percent month-on-month in March to 6,148 units, accounting for 17 percent of the total market.
For the first quarter, total EV sales reached 11,800 units, or a 36.2 percent year-on-year increase. Hybrid models led the segment, with sales reaching 8,261 units, followed by battery electric vehicles at 2,289 units.
Despite the headwinds, the local automotive industry is moving forward with its major promotional events. CAMPI’s 10th Philippine International Motor Show is scheduled to run from June 4 to 7, 2026, at the World Trade Center in Pasay City.
The biennial exhibition will feature at least 17 automotive brands, including new market entrants such as Tesla Inc. and Vietnam’s VinFast Auto Ltd. Other participating brands include Toyota, Mitsubishi, Nissan, Honda, Suzuki, Isuzu, Kia, Hyundai, Chery, Foton, Geely, Jetour, MG, and Omoda & Jaecoo.

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CAMPI Electric vehicles internal combustion engine (ICE)
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