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July saw a 29% increase in the Philippines automobile market.

According to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association, the Philippine new vehicle market rebounded in July 2022 by more than 29% to 27,813 units from weak sales of 21,498 units in July 2021. (TMA).

The vehicle market continued to benefit from the robust economic recovery that has occurred since the pandemic’s nadir, as the gross domestic product increased by 7.8% in the first half of the year. The central bank has raised its benchmark interest rate from a historic low of 2.0% earlier this year to 3.25 % in July and has signaled that it is prepared to increase rates further in an effort to curb inflation.

In the first seven months of the year, the vehicle market increased by more than 18% to 182,687 units from 154,267 units in the same period of 2021, with commercial vehicle sales increasing by 31% to 137,338 units and passenger vehicle sales falling by more than 8% to 45,338 units. To date, Toyota has sold 94,029 automobiles, followed by Mitsubishi with 25,759 units, Nissan with 12,898 units, Suzuki with 11,416 units, and Ford with 10,760 units.

This excludes data from Association of Vehicle Importers and Distributors members, who collectively sold 58,916 vehicles in 2021.

President of CAMPI Rommel Gutierrez stated in a statement that July’s double-digit sales growth bolsters optimism for the auto industry’s continued recovery.

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