Philippine sales continue to recover in December

The Philippines new vehicle market continued its strong recovery in December 2022, up nearly 34% from 27,846 units a year earlier to 37,259 units, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and The Truck Manufacturers Association ( TMA).

The country’s vehicle market has now returned to pre-pandemic levels with sales exceeding 30,000 units for the fifth straight month as the domestic economy continued to recover from the pandemic.

GDP growth is estimated to have increased by 7.6% over the past year, driven by strong consumer spending and investment. In response to rising inflation, the central bank raised interest rates by a further 50 basis points to 5.5% in December, the highest level since 2009.

Full-year vehicle sales rose 31% to 352,596 units from 268,488 units in 2021 and just below the 369,941 units reported in 2019, the last full year before the pandemic.

This does not include data from members of the Association of Vehicle Importers and Dealers, who together sold 58,916 vehicles in 2021.

Commercial vehicle sales rose 46% to 266,699 units, driven by strong demand for pickups and other light commercial vehicles, while passenger vehicle sales were only slightly higher at 85,897 units.

Toyota reported a 34% increase in sales to 174,106 units last year, followed by Mitsubishi with an increase of 42% to 53,211 units, ford 24,710 units, Nissan 21,222 units and Suzuki with 19,942 units.

CAMPI President Rommel Gutierrez said: “Reaching the 37,000 monthly sales level (last month) previously recorded in 2017 brings renewed optimism to the auto industry for a better year.”


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