Bilyonaryo - Business

Philippine auto sales shift into high gear with 22% surge in August

September 14, 2023

Bilyonaryo.com

The Philippine automotive industry is revving up towards its target for the year, showcasing a 22 percent jump in August.

According to a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA), the total new motor vehicle sales for the month reached 36,714 units, up 21.6 percent year on year.

CAMPI president Rommel Gutierrez attributed the growth to robust consumer demand, which has pushed auto sales to rise by nearly 22 percent in August. He noted that this performance is even more noteworthy when considering the pre-pandemic benchmarks from a year ago, all while grappling with persistent inflation challenges.

Year-to-date, vehicle sales surged by 30 percent, with a total of 276,215 units sold or approximately 70 percent of the 395,000 sales forecast for 2023. This instills optimism for a sustained and robust post-pandemic recovery within the automotive sector.”

Year-to-date, vehicle sales surged 30 percent, with a total of 276,215 units sold or about 70 percent of the 395,000 sales forecast for 2023, instilling optimism for a sustained and robust post-pandemic recovery within the automotive sector.

However, Gutierrez also highlighted the industry’s awareness of the challenges posed by high inflation rates, particularly regarding consumer confidence in big-ticket purchases.

He stressed that while the industry is flourishing, continued inflation could potentially cast a shadow over future growth and consumer sentiment, a concern shared by both consumers and industry stakeholders alike.

Related News Tags: Automotive, Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI), Philippines, sales

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