MANILA - Auto sales grew 20.1% in October versus the same month last year, bringing the industry closer to its full-year sales target, according to the Chamber of Automotive Manufacturers of the Philippines (CAMPI).

Compared to the September level, October sales were up 12.9%.

CAMPI said local dealers were able to sell 12,761 vehicles last month, pushing sales for the first 10 months higher by 1.3%.

Vehicle sales for the first 10 months totaled 106,146, just 18,854 units short of the industry's yearend target of 125,000 units.

"The industry is optimistic that it will hit its minimum target of 125,000 units sold for the year," said CAMPI President Elizbaeth Lee.

Lee said the Philippines has done fairly well compared to its neighbors Thailand, Indonesia, and Malaysia, which posted double-digit declines in auto sales. The local industry, however, needs to catch up with these countries in terms of overall volume.

Passenger car sales were flat in the first 10 months of the year, but grew 5.8% in October versus the previous month.

Sales of commercial vehicles, on the other hand, rose 2.3% in the 10 months to October, and 16.9% in October alone.

"Overall, industry players are optimistic that targets can be achieved barring any major negative developments. Banks have continued to support the industry with availability of financing at lower rates. OFW remittances, which are seen to increase during the holiday season, will continue to support consumption, and players are offering promotions which make acquisition easier," said Lee.