Japan tragedy tempers car sales growth in PH
January to May auto sales slightly up by 1.5%
MANILA, Philippines - Lack of supplies tempered auto sales growth in the country from January to May this year, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) said.
In a press release, CAMPI President Elizabeth Lee said auto sales only managed to grow by 1.5% for the first 5 months of the year or a total of 59,022 units sold nationwide.
This is lower than the expected growth due to the twin disasters that struck Japan in March, she said.
She said the industry bore the brunt in May and June, but expects to recover by July.
"We plan to adjust our forecast accordingly after we see the result of the first full six months of sales. We are still cautiously optimistic and look forward to recovery of sales in the next half," she said.
Lee said the demand remains but “we just need to catch up with our supply to meet those demand expectations.”
She said other factors will also have to be considered, including inflation, foreign exchange fluctuations, remittances and business environment.
Overall passenger car sales reflected a growth of 2.1%, or a total of 19,568 sold units.
Commercial vehicles, on the other hand, grew by 1.1% with the industry selling 39,454 units for the first 5 months.
AUVs, meanwhile, reflected a decline of -2.2% selling 14,048 units with LCVs still showing a net positive growth of 2% selling 24,242 units nationwide.
For the month of May alone, overall sales were at 10,913 units or a decline of 7.6% versus the previous month.