Home >> Daily News >> Philippines News >> Automotive >> Philippines reports 6.4% growth in car sales in 2009
|9 January 2010
Philippines reports 6.4% growth in car sales in 2009
Vehicle sales in the Philippines in 2009 rose 6.4 percent to 132,244 units, exceeding the industry’s target of a 4-percent growth for the year, reported the Philippine Daily Inquirer.
Boosting overall sales for 2009 was the industry’s December performance, which demolished all monthly sales records registered over the last decade, according to data from the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association.
December sales reached a record 13,596 units, 7 percent more than the 12,702 units sold in November. “Although December sales were expected to be seasonally higher, the stronger spike in December sales was a welcome result. This augurs well for 2010,” Campi president Elizabeth Lee said in a statement.
“Stronger growth was due to higher replacement rate, coupled with stronger-than-expected growth in [overseas Filipino workers’] remittances and aggressive financing packages. [These] fueled consumption, resulting in higher vehicle sales,” she added.
The commercial vehicle segment still accounted for the lion’s share of the market at 65.1 percent of total sales registered in 2009. For the entire year, 86,216 commercial vehicles were sold, 7.7 percent better than 2008’s 80,023 units. Passenger car sales went up 4.1 percent to 46,228 units last year, from 44,426 units in 2008.
For 2010, Campi projected a 4-percent growth for the industry.
Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below