MANILA, Philippines – The Philippines' automotive sales in February grew by 17 percent compared to the sales in the same month last year, according to the joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA).
The report said February 2014 sales reached a record performance of 16,828 units or 2,389 units more compared to the 14,439 units sold in February 2013.
February sales were also 8 percent higher than the January volume of 15,642 units, which was reported as a record for a January sales.
All product categories saw growth with light trucks having the biggest growth of 127%, selling 365 units in February 2014, from 161 units sold in February 2013.
In the passenger car segment, sales grew by 22% to 5,620 units, from 4,518 units in February 2013.
Commercial vehicles sales also increased by 14% year-on-year to 11,208 units, from 9,821 units.
Category 4 trucks and buses increased by 30 percent to 126 units from 97 units, mostly due to higher demand for new public utility buses while light commercial vehicles, which comprises 64 percent of the entire commercial vehicle segment, continued to attract demand with sales reaching 7,174 units, a 19 percent jump from the 6,007 units sold in February 2013.
"Vehicle sales remain to be positive. With fewer calendar days for February, the industry is surprised to see sales reaching a level normally achieved during the peak month of December. If this trend will continue, the industry might even revise its forecast earlier than expected," said CAMPI president Atty. Rommel Gutierrez.
Sales in the National Capital Region (NCR) also increased by 8 percent to 9,793 units from 9,078 units in February 2013, but the region’s share of the total new sales declined to 58 percent this year from last year's 63 percent.
Significant increases were seen in Region V (Bicol region) and Region II (Cagayan-Isabela-Nueva Vizcaya) at 168 percent and 118 percent, respectively.
Sales in Regions III, IV and VII, meanwhile, increased by 34 percent each compared to the same period last year.
Toyota keeps top spot
Toyota Motor Philippines Corporation remains the leader in terms of year to date sales with 43 percent market share followed by Mitsubishi Motor Philippines Corporation with 24 percent.
Ford Motor improved its third place ranking by grabbing a 7.25 percent market share.
Honda takes fourth spot with 6.34 percent of the market while Isuzu Philippines is in fifth with a 6 percent market share.