THE PHILIPPINE automotive industry is confident that recovery is underway after vehicle sales rose by 19.5% in May.
Vehicle sales stood at 26,370 units in May, compared with 22,062 units sold in the same period in 2021, a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed.
Month on month, car sales increased by 4.9% from April’s 25,149.
“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,” CAMPI President Rommel R. Gutierrez said in a statement.
Year-to-date sales figures showed that the industry sold 126,273 units, 14.6% higher than the 110,217 units sold in the similar period last year.
The auto industry’s growth reflected the pickup in economic activity after the further loosening of mobility restrictions. Most parts of the country have been under the most relaxed coronavirus alert level since March.
“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,” Mr. Gutierrez said.
Commercial vehicle sales surged by 34% to 19,406 units in May, bringing total sales 26% higher to 94,727 units in the first five months of 2022.
However, passenger car sales dropped by 8.4% to 6,964 units in May. Year to date, passenger car sales slid by 9.9% to 31,546 units.
“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,” Mr. Gutierrez said.
Toyota Motor Philippines Corp. has the highest market share for the month at 55.83% or 14,723 units sold, followed by Mitsubishi Motors Philippines Corp. at 11.15% or 2,939 units sold.
Nissan Philippines, Inc. had a 7.53% market share after selling 1,985 units, followed by Suzuki Phils., Inc with a 7.08% market share after selling 1,868 units. — Arjay L. Balinbin