Philippine auto sales remain to be positive in 2017 as 105,063 vehicles were sold in Q1, based on the latest figures consolidated from distributor groups AVID (Association of Vehicle Importers and Distributors), CAMPI (Chamber of Automotive Manufacturers of the Philippines) and TMA (Truck Manufacturers Association).
This represents a 20% increase compared to the same period last year driven by a strong economy with firm fundamentals in place. The Asian Development Bank (ADB) has forecasted the Philippine economy to grow by 6.4% in its recent Asian Development Outlook 2017 report.
Still continuing its domination of the market is Toyota, which covers 38.7% with 40.689 units sold, Mitsubishi comes in second with a 15.7% share selling 16,509 units. Hyundai is in third with 8,841 units with an 8.41% market share. Ford comes in at 4th with 7,773 units for a 7.41% market share. Honda placed in 5th with 7,356 units sold or 7.00%; Isuzu sold 6,522 units covering 6.21% of the market in 6th; Nissan sold 5,277 units for 5.02% of the market in 7th; while Suzuki rounds up the Top 8 with 4,051 units getting 3.86% of the market.
The commercial vehicle segment still took the bigger chunk of sales with 63.19%, while passenger vehicle segment covered the remaining 36.81%. Both major industry organizations AVID and CAMPI have expressed their confidence in the Philippine market as more vehicle sales still expected to continue to grow.
"The Philippine automotive industry has, thus far, continue [sic] the path of motorization. While the first quarter performance gives us reason to be optimistic, we are still cautious about our own target for the year," said Atty. Rommel Gutierrez, CAMPI president.
"Riding on sustained demand in the automotive market, AVID's sales growth story continues its upward trend as it picked up by 10% for the three-month period in 2017. This encouraging response further drives AVID to deliver top-notch products and services to our beloved customers," said Ms. Ma. Fe Perez-Agudo, AVID president.