MANILA, Philippines – Automobile sales for the first half of the year went down by 2.8 percent as vehicle sales around the world continue to decline.
Data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed that the industry sold 59,910 units from January to June this year, down 2.8 percent from the 61,632 units sold during the same period a year ago.
Auto players remain optimistic with better performance in the next half of the year.
For the month of June alone, the industry sold 10,909 units, underscoring a 4.4 percent increase when compared to the previous month.
“We are thankful that the local Philippine auto sales is holding up and continues to register some growth month on month, even amid the global crisis and considering the negative performance of auto sales in the west and even in Asean, “ CAMPI president Elizabeth H. Lee said.
Lee noted that amid the global crisis, the local banking sector remained stable and supportive to vehicle buyers by giving them loans to finance their purchases. Another key factor sustaining vehicle sales is the OFW remittances which managed to grow by 2.6 percent even with the global crisis.
“With over $16 billion expected from remittances and the fact that two out of three households is supported by an OFW, car sales should remain fairly stable with continued month on month growth to be seen in the next half of the year. The forecast for this year remains tempered towards at least a flat growth.” Lee explained.
Auto players continue to support sales with aggressive packages making it easier for buyers to purchase their vehicles to serve their needs.
“Buyer’s purchase behavior and criteria have shifted to be more discerning where price, utility, and cost of ownership have become strict priorities in buying a vehicle,” Lee said.
Sales are supported by sustained growth in the pasenger car segment as well as the light commercial vehicle (LCV)segment, both of which continue to see growth in sales. Total passenger car (PC) sales so far were 21,375.
Commercial vehicle (CV) sales reached 38,535 units, still taking up the bulk of total vehicles sold nationwide with a 64.3 percent market share.
New model launches and continued aggressive promotions sustained the growth in the PC segment. June sales registered a 1.2 percent growth while year to date, PC sales grew by 1.8 percent. Total PC sales are 21,375 cars cold nationwide. PC sales are seen to maintain growth in the coming months.
CV sales grew by 6.2 percent compared to May which reflects the buying public’s preference for multipurpose vehicles that offer more value for money and can be used both for personal and business purposes. –Ma. Elisa P. Osorio, Philippine Star
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