The Philippine automotive industry continues to grow with a remarkable sales performance of 23,139 units for the month of May, posting 18 percent growth compared to May last year’s volume of 19,598 units. Based on a joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association, last month’s sale also provided 20% growth for the first five months with 107,280 units versus 89,335 last year.
Passenger cars increased 27%, having 9,556 units this month, up from 7,507 units last May 2014. Commercial Vehicles also increased 12% with 13,583 units this month, a growth from 12,091 units same month last year.
On a month to month basis, there is a whopping 15% increase in Passenger Car segment from April 2015 – biggest growth in number of units sold among the categories from 8,331 units to 9,556 units in May. The commercial vehicle sector showed a modest 5% increase from 12,928 units in April to 13, 583 units last month. Part of this segment is the Category 5 heavy duty truck and buses which posted almost 66 percent growth after selling 101 units compared to 61 units in April.
Sale of passenger cars for the first five months grew by almost 33 percent, from 32,331 in 2014 to 42,938 units for the current period. Commercial Vehicle category also posed 13 growth, with 64,342 units sold during the first five months versus 57,004 units in the same period last year.
This unsurprising growth is mainly because of attractive and flexible financial options and because of new model releases from several brands. “It appears that sales progress is definitely in motion. Given that May is an enrollment month for most of us, the demand for automobiles remained robust,” explained CAMPI President Atty. Rommel Gutierrez.
At this rate, the automobile demand is absolutely laying a stronger foundation for the newly-signed Executive Order 182: Comprehensive Automotive Resurgence Strategy, or simply CARS, according to Atty. Gutierrez. The CARS program which aims to attract investors to assemble automobiles, to manufacture parts, and to develop testing facilities here in the country will definitely benefit from a strong domestic market.
Leading the May 2015 sales is Toyota Motor Philippines Corporation with 44.6% market share, followed by Mitsubishi Motors Philippines Corporation with 19.2%. Ford Motor Philippines sits at third place with 8% share, while Isuzu Philippines Corporation is at fourth with 7.5%. Honda Cars Philippines, Inc. is at fifth with 6.3% market share.