PH vehicle sales picked up by 1.6% in March
Sales of new vehicles in the Philippines grew by 1.6 percent in March, with 36,880 units sold during the month when growth slowed to a single digit for the first time this year.
Data released on Monday by the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association showed that growth last month was slower than the 15.5 percent and 23.2 percent recorded in January and February.
Still, the March posting was enough to pull the first quarter sales growth to 12.7 percent, which is equivalent to 109,606 units sold during the three-month period.
Campi president Rommel Gutierrez described the quarterly performance as “strong” despite the decline observed on a month-on-month basis.
“[Year-to-date] sales performance was driven by sustained demand for new vehicles, supported by overall supply improvement. Our [first quarter] performance keeps us on track to achieve our 2024 target,” Gutierrez said in a statement.
The automotive industry group had said that it has a conservative target of selling 468,300 units this year.
Sought for comment, Rizal Commercial Banking Corp. chief economist Michael Ricafort told the Inquirer that the year-to-date growth remaining in the double-digit level was a good signal of the country’s continued economic recovery and favorable demographics.
