The Philippine auto industry sold 97,375 vehicles in the first quarter of 2019, based on the latest figures consolidated from distributor and manufacturer groups AVID (Association of Vehicle Importers and Distributors), CAMPI (Chamber of Automotive Manufacturers of the Philippines) and TMA (Truck Manufacturers Association).
As the automotive industry moves toward its road to recovery, Q1 sales offer a bit of positivity as it sold 24 units more than the same period last year. The year also sees the full effects of the Tax Reform for Acceleration and Inclusion (TRAIN) Law which was meant to “rationalize” excise tax brackets for vehicles among others. Heavily affected models were compact cars and SUVs which saw price hikes on several key models for most brands. It however lowered levies on hybrid vehicles and exempted pickups, trucks and electric vehicles.
Still taking the largest share of the pie is Toyota, which covers 34.46% of the market with 33,554 units sold, Mitsubishi comes in second with a 16.03% share selling 15,613 units. Nissan rises to third with an impressive 11.54% market share as it sold 11,239 units, 81.86% higher than its 2018 figure. Hyundai slid down to fourth despite selling more at 9,949 units, equivalent to a 10.22% market share. Honda placed in 5th with 6,403 units sold or 6.58%; Ford dropped down to 6th with 5,560 units for a 5.71% market share. Suzuki sold 4,812 units for 4.94% of the market in 7th; while Isuzu closes the Top 8 with 3,431 units getting 3.52% of the market.
The commercial vehicle segment still took the bigger chunk of sales with 67.2%, while the passenger vehicle segment covered the remaining 32.8%. Both major industry organizations, AVID and CAMPI, have expressed their confidence in the Philippine market as vehicle sales are still expected to continue an upward growth.
“AVID’s first quarter 2019 performance indicates that the automotive industry has turned the corner and is now experiencing modest recovery. We expect a further upturn in the next three quarters on the back of improved consumer sentiment, the introduction of exciting and innovative vehicles, and the government’s aggressive infrastructure program. AVID aims to be at the forefront of this growth in vehicle sales,” said Ma. Fe Perez-Agudo, AVID president.
"This year’s first quarter performance is a strong indication that the automotive industry is well on its way to recovery. We are optimistic that this trend will be sustained in the coming months," said Atty. Rommel Gutierrez, CAMPI president.
“If positive economic fundamentals, including low inflation and rising living standards, are sustained, we can expect a renewed boost to motorization in the country. And AVID is more than ready to offer customers up-to-the-minute innovation in our products and services,” added Ms. Agudo.