MANILA, Philippines - The auto industry grew by 5.8 percent for the first two months of the year as banks continue to lend and overseas Filipino workers (OFWs) remittance remain strong.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck manufacturers Association (TMA) said that sales for the first two months of year were at 22,518 vehicles.
Toyota Motor Philippines Corp. remained as the number one firm in terms of market share with 37 percent followed by Mitsubishi Motors Philippines Corp. with 22 percent. Third is Honda Cars Philippines Inc. with 10 percent.
“Auto sales for the month of February grew by another 5.8 percent compared to the same period last year – a good sign, considering the high growth rate seen in 2010 whose sales were primarily boosted by election fever and the effects of typhoon Ondoy,” said CAMPI president Elizabeth H. Lee
“We continue to be optimistic despite the increase in fuel prices given other key factors to include inflation, remain within a comfortable level. Meanwhile, banks continue to be aggressive in their lending activities, the entrepreneurial trend continues to help boost sales and OFW remittances will continue to help fuel consumption. We remain hopeful that the conflict in the Middle East will be short-lived. Further, we expect the positive gains earned by businesses last year, to be reflected into productive use this year. Expansion is still seen in the business sector,” she added.
Commercial vehicles continue to dominate overall vehicle sales nationwide, cornering 65 percent share with passenger cars taking up 35 percent share. Both segments grew with the passenger car segment growing slightly faster than commercial vehicle. The passenger car category grew by 8.6 percent selling 7,856 cars while commercial vehicles grew by 4.3 percent selling 14,662 vehicles nationwide.
“It is hoped that the Philippines can be a stronger participant in the region’s growth. We anticipate a clear road map that will pave the way for a faster and stronger integration with ASEAN in terms of trade using obvious local auto industry advantages which include available assembly plant capacities, highly skilled and technically competent auto workers, and the presence of local parts and components industry,” said Lee.