MANILA, Philippines - The Chamber of Automotive Manufacturers of the Philippines (CAMPI) said it posted a 17% jump in sales in October to 15,081 units, the highest so far this year.
CAMPI attributed the strong sales of vehicles in October to aggressive promotions of automotive brands, as well as the strong economy and increased consumer spending.
Toyota Motor Philippines leads the industry by garnering 42% of the market, year-to-date. Japanese manufacturers Mitsubishi follows with 22% and Honda with 8%. Next is Isuzu with a 7% market share and Ford with 5%.
"We are very pleased with the outstanding performance of last month's sales. This was a result of all manufacturers being very aggressive with their marketing efforts coupled with an influx of new model introductions the past months," CAMPI President Atty. Rommel Gutierrez said in a statement.
"This is a very clear sign that the industry continues to be strong and is on track. I am confident that we will exceed its last year's performance despite the slow start at the beginning of the year due to supply shortages,"