MANILA, Philippines – The Philippines remained on the faster track compared to its regional neighbors in terms of automotive and motorcycle sales.
Latest data from the Asean Automotive Federation showed the Philippine automotive industry finished as the third fastest growing market in Southeast Asia as of end-October, while its motorcycle sector accelerated the fastest.
The growth of vehicle sales in the country was at 24.5 percent in the 10-month period, behind Vietnam’s 32.1 percent year-on-year progress and Singapore’s 50.3 percent.
Countries such as Thailand, Malaysia, and Brunei posted declines in their respective sales for the period.
Overall, vehicle sales in the seven Asean-member economies monitored by the regional automotive organization improved 3.3 percent as of end-October to 2.57 million units from 2.49 million units a year ago.
In terms of volume, Indonesia sold the most number of vehicles with 874,847 units, followed by Thailand with 617,159 units.
Meanwhile, sales of motorcycles and scooters remained robust in the country amid slower take-up in other countries in the region.
The report showed motorcycle sales in the Philippines rose 37.9 percent to 941,847 units in the 10-month period from last year’s 683,074 units.
The Philippines’ motorcycle industry growth was followed by Singapore with 13.8 percent, Thailand with 5.8 percent, and Malaysia with 2.1 percent.
Total motorcycles sold in the region reached 7.91 million units, 1.2 percent lower from the previous year’s eight million units.
In terms of production, vehicles manufactured and assembled in the country improved 15.7 percent year-on-year to 97,009 units.
Motorcycles and scooters produced in the country, meanwhile, jumped 31.8 percent to 866,502 units.