MANILA, Philippines – Vehicle sales could breach 20,000 units a month again in the last quarter of the year amid seasonal demand, the research arm of Metropolitan Bank and Trust Co. (Metrobank) said.
“Given the record-high sales in September of 20,924 units sold, expect the rest of the “ber” months to likely be above the 20,000 level as well given seasonal demand,” Mabellene Reynaldo, research analyst at Metrobank, said in the Weekly Views from the Metro report.
Car sales rose 42 percent to 20,924 units in September from 14,764 units in the same month last year, data from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed.
This brought total vehicle sales to 169,727 units in the nine months to September, 29 percent up from the same period a year ago.
“Total industry sales — locally-produced and imported vehicles — are estimated to reach 250,000 this year according to CAMPI,” Reynaldo said.
“With the bullish prospects in terms of auto demand, it is imperative that the necessary transportation and auto manufacturing infrastructure be in place in order to maximize the industry’s economic benefits,” she said.
The performance of auto sales in the first nine months of the year was driven by the introduction of new models, consumers’ increasing incomes, and the relatively low interest rates.
“Compared to Asean (Association of Southeast Asian Nations) peers, the Philippines has the second fastest growth in motor vehicle sales next to Singapore for the first eight months of the year,” Reynaldo said.
However, the Philippines only has a seven percent share of overall vehicle sales in the region during the period, she said.