New vehicle sales in the Philippines increased by 5% to 40,003 units in October 2024 from 38,128 units a year earlier – according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).
The country’s vehicle market has been remarkably resilient this year, after rebounding strongly in the previous two years from the pandemic lows. The country’s economic growth slowed to 5.2% year-on-year in the third quarter of 2024 from 6.4% in the second quarter, primarily reflecting a slowdown in government spending and weaker fixed investment growth.
Household spending growth accelerated to 5.1% from 4.7%, helped by two 25 basis point rate cuts by central bank since August – from 6.5% to 6.0%. The country also has struggled with a very active typhoon season this year, which has continued well into November, causing widespread damage and flooding in many parts of the country.
Passenger vehicle sales were marginally lower at 10,044 last month, while commercial vehicle deliveries increased by 7% to 29,959 units. CAMPI president Rommel Gutierrez, commenting on the market’s performance, said “the increase can be attributed to good sales and good stock availability, neutralizing the effect of Typhoon Kristine on the operations of dealers nationwide last month.”
Data released jointly by the two associations shows vehicle sales rose by 9% to 384,310 units in the first ten months of 2024 from352,971 a year earlier, with commercial vehicle sales increasing by 8% to 262,875 units while passenger car sales rose by 12% to 100,809 units.
Toyota reported a 10% sales increase to 178,421 units year-to-date; followed by Mitsubishi Motors with 73,376 units (+13%); Ford 23,520 units; Nissan 22,290 units; and Suzuki 16,756 units.
Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Company Profile – free
sample
Your download email will arrive shortly
We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form
By GlobalData
Toyota said it expects its sales to exceed 200,000 vehicles in the country in 2024 and plans to launch the all-new Tamaraw Hilux-based utility vehicle by the end of the year.
Earlier this year the Philippine government added hybrid electric vehicles (HEVs) to its EO12 zero-tariff programme, which was previously available only for zero-emission vehicles such as battery electric vehicles (BEVs), until 2028. Local automakers are stepping up HEV launches in response to this new policy.
Earlier this month Mr Gutierrez said his association is projecting the vehicle market to grow to 468,000 units this year, with volumes forecast to rise by a further 10% to over 500,000 units – which would be a new record for the market.
