PNA photo by Joey O. Razon
MANILA – The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported that local automotive vehicle assemblers recorded three consecutive months of double-digit growth in May.
Joint report of CAMPI and TMA on Wednesday said the industry grew 19.5 percent last month to 26,370 units from 22,062 units sold in May 2021.
The 34.2-percent sales of commercial vehicles offset the 8.4-percent decline in sales of passenger cars last month.
Commercial vehicle sales in May 2022 increased to 19,406 units from 14,463 units in the same month last year.
Sales of passenger cars decreased to 6,964 units from 7,599 units year-on-year.
“Based on our data, the industry has already recorded double-digit percentage growth for three consecutive months on a year-over-year basis, indicating that recovery is underway,” CAMPI president Rommel Gutierrez said.
Gutierrez said the economic recovery and strong demand for vehicles have contributed to the sales increase of the industry in the previous month.
“The industry is optimistic for a sustained economic growth anchored on domestic demand amid the continued containment of the pandemic –all-important to the full recovery of the industry,” he added.
Meanwhile, year-to-date sales of the industry reached 126,273 units in January to May 2022, higher by 14.6 percent from the 110,217 units sold in the same period last year.
For 2022, the industry eyes to sell 336,000 units of automotive vehicles. (PNA)
