MANILA, Philippines - Vehicle sales jumped 6.4% in 2009, exceeding the auto industry's 4% full-year growth target.

Data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) showed that a total of 132,444 vehicles were sold in 2009, up from the 124,449 units sold in the previous year.

CAMPI President Elizabeth Lee attributed the industry' strong sales to the faster replacement of vehicles and strong remittances from overseas Filipino workers (OFW), as well as wasy and low payment terms which fueled purchases.

"Although December sales were expected to be seasonally higher, the stronger spike in December sales was a welcome result. This augurs well for 2010," Lee said in a statement released Friday.

CAMPI has projected a conservative 4% growth this year, which Lee said is subject to a quarterly review "depending on changes in the market."

"Factors that will affect stronger sales for 2010 include fleet deliveries to the national and local government, a relatively good economic growth forecast of about 4.4%, improved demand resulting from higher OFW remittances of at least 7% growth which in turn will likely support the peso, election spending, aggressive promotions from auto players, and expected new model introductions," Lee said.

"2010 should be an exciting year for all," she added.