MANILA, Philippines - Vehicle sales in January grew 5.8% from a year ago to 11,046 units, the industry's leading trade association said on Tuesday.
However, last month's sales declined 19.7% from what was recorded in December, traditionally the strongest month of the year.
According to the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI), sales of passenger cars grew 15.3% to 3,997 units, and commercial vehicles by only 1% to 7,049, although the latter still cornered 64% of total sales in January.
Motor vehicle sales hit a historic high of 168,490 units in 2010, up 27.2% year on year, due to election spending and replacement of vehicles damaged by typhoons in 2009.
This year, CAMPI expects sales growth to taper off, but remain "positive."
"2011 is seen to be a positive year as overall economic environment continues to be relatively favorable with sustained business and consumer confidence, GDP growth, stable forex, positive forecast for OFW remittances, manageable inflation, continued healthy financing environment, as well as new model introductions by auto players," it said.