MANILA, Philippines - Auto sales in the Philippines hit a new record in February.
A report from the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed February sales stood at 20,663 units, nearly 23 percent up from a year ago.
This was also 11 percent higher than the 18,662 units sold in January.
The report also showed sales of passenger cars, light trucks and commercial vehicles continued to be brisk.
In the passenger car segment, sales surged 44 percent to 8,149 units, as consumers snapped up new models with special offers.
Commercial vehicle sales also rose nearly 12 percent on year on year to 12,514 units in February. Light trucks sales grew by almost 23 percent to 428 units, while sales of Category 4 trucks and buses increased by 22% to 154 units.
Sales of heavy duty trucks and buses or category 5 vehicles also increased by 140 percent to 96 units in February due to continued strong demand from the construction sector.
Light commercial vehicle, which comprises 66 percent of the entire commercial vehicle segment, saw sales of 8,274 units representing a 15 percent increase.
"There seems to be no let up in sales. With fewer calendar days for February, the industry is surprised to see sales reaching a level normally achieved during the peak month of December," CAMPI president Atty. Rommel Gutierrez said.
The auto industry expects 2015 sales to reach 310,000 units, 15 percent higher than the 269,058 units sold in 2014.
Gutierrez said the industry may exceed its target this year as CAMPI figures already show a year-to-date growth of 21 percent.
In terms of year to date sales, Toyota Motor Philippines Corporation remains the market leader with an improved market share of 44.7 percent.
Mitsubishi Motor Philippines Corporation followed with 18.6 percent market share, Ford Motor with 8.64 percent share, Isuzu with 7.73 percent and Honda with 6 percent market share.