Philippine Auto Sales up by 14.3% for the First Five Months of 2008
LCV's bulk of increase in sales
The Chamber of Automotive Manufacturers of the Philippines (CAMPI) reported a 14.3% increase in overall vehicle sales in the first five months of 2008. The increase of sales is attributed to the renewed consumer spending habits fueled by foreign remittances, steady vehicle prices despite the global price increase of raw materials, and the continuing positive outlook of the automakers with their attractive financing schemes and other promotions.
Commercial vehicles, particularly the Light Commercial Vehicles (LCVs), continue to contribute to the increase in sales, with 66% market share, with a YTD growth of 17%. Passenger cars are coming in second with 9.3% sales increase, or 17,173 units year to date. The increase of LCV sales reflects the motoring public's increased preference towards these kind of vehicles as they offer more value for money and double as both personal and business use. Sales in this segment is expected to increase further as new models are being introduced.
"Sales in the LCV segment, (pickups, vans, compact & full-size SUVs) continues to be the segment with the strongest growth, with a large 26.4% overall increase in sales for the first 5 months," said CAMPI President Ms. Elizabeth Lee.
With this development, automakers continue to be bullish and optimistic and pledges to excite the market more with attractive promotions and launch of new models within this year.