PHL auto sector upbeat on sales growth with 31-percent increase in May
TRAFFIC is one of the most common problems that motorists face every day. According to the National Economic Development Authority (NEDA), the Philippine economy loses roughly 3-billion pesos a day due to the frequent traffic gridlocks in Metro Manila alone.
As traffic becomes a serious threat to the economy, there’s also a positive and hopeful development we can spotlight.
In a report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA), the local auto industry is upbeat that 2016 will become another banner year as sales growth doubled in the second quarter, particularly in the month of May with 30,317 units sold, compared to 27,697 units in 2015. The key driver of growth is attributed to the continued low financing packages offered by banks and financing firms, along with the significant growth in middle-class income.
CAMPI recorded that the Passenger and Commercial Vehicle segment posted a huge increase in sales with 10,893 units sold in the PC segment and 19,424 units sold in the CV segment.
The CV segment is composed of AUV, LCV, Light Trucks, and Trucks and Buses. In the AUV category, there were a total of 5,426 units sold compared to 4,060 units. The LCV segment also reached an impressive 45-percent increase with 12,867 units sold.
In the Light Trucks category, the industry sold a total of 704 units or an 102-percent surge from 349 units. Meanwhile, Trucks and Buses achieved 283 units over 180 units than the previous year, accounting for a 57-percent growth. In the heavy duty Trucks and Buses segment, the group recorded a stunning 58-percent increase in May with 144 units sold versus 91 units last year.
In a press statement, CAMPI President Rommel Gutierrez, said, “With another impressive sales figure, we can see that there has been continuous demand for mobility. We expect new models to reach the market with positive response as we also look at July figures to have a stable to higher sales performance.”
The group also cited the top 5 performers of CAMPI in May. They are Toyota Motors Philippines Corporation (TMPC) with 42.95-percent, followed by Mitsubishi Motors Philippines Corporation (MMPC) with 18.29-percent. Not far behind is Ford with a 10.38-percent share. The top three performers are followed by Isuzu Philippines Corporation with 8.04 percent and Honda Cars Philippines with 6.69-percent, bagging fourth and fifth spots, respectively.