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|10 February 2010
Philippines: Car sales rise 34% in January
The Philippine auto industry started the year right with a whopping 33.8 percent jump in sales to 11,763 units against 8,791 units in January last year defying a traditionally slow month in January, reported the Manila Bulletin, quoting the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI).
"A high January sales volume augurs well for the year. It is a good start for stronger sales for 2010," said CAMPI president Elizabeth H. Lee.
Of the total January sales, the passenger car segment posted a 14.3 percent increase with sales reaching 3,856 units from 3,375 units in January 2009 while the commercial vehicle segment continued its dominance with a robust 46 percent growth after brisk sales of 7,907 units versus 5,416 units in January last year.
Commercial vehicle sales account for 67.2 percent of the total market and passenger car with 32.8 percent share.
"We are looking forward to a much stronger growth for this year 2010 with increased spending as a result of bullish OFW remittances projected as high as 8 percent or exceeding $18 billion; increased appetite for investment and business expansion; continued liquidity in the market; ease in taking out loans and availability of loans serving buyers needs; ....not to mention this being an election year as well," Lee said.
To a certain extent, Lee said, strong vehicle sales are reflective of a stronger economic environment. “With the robust growth of CV sales particularly AUV and LCV sales where most are used for both family and for business use, Filipinos are now showing more aggressiveness in either starting a business or expanding their current businesses," Lee said.
Sales of AUVs (Asian utility vehicles) increased by 53.5 percent as sales reached 2,606 units from 1,698 units in January last year
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