Vehicle sales rose by 23.3 percent in July to 36,951 units from a year earlier and industry groups said they remained optimistic despite threats such as tax hikes sought by the government.
The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) said that July’s figure brought year-to-date sales to 233,115 units, up 18 percent.
July sales were down from the previous month, however, and CAMPI President Rommel Gutierrez said: “We remain cautious as we enter the second half of the year.”
“As the original sales target by year-end looks achievable, we will continue to be vigilant with actual vehicle sales in the coming months,” he added.
The automotive sector has a conservative sales target of 430,000 to 450,000 units for 2017.
Commercial vehicles continued to drive sales, rising 29.4 percent to 24,250 units. Passenger cars saw a 13.1 percent gain to 11,230 units sold.
Toyota Motor Philippines Corp. maintained its dominance of the market, accounting for a 44.1 percent share, followed by Mitsubishi Motors Philippines Corp. (17.65 percent) and Ford Motor Co. Philippines Inc. (8.44 percent).
Rounding out the top five were Isuzu Philippines Corp. with 6.96 percent and Honda Cars Philippines Inc. with 6.78 percent.