MANILA, Philippines – The Philippine automotive industry went off to a fast start in 2016 as sales accelerated by a little over a quarter last month.

A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) released yesterday showed vehicle sales among their members surged 27.6 percent in January to 23,808 units compared to 18,662 units in the same month last year.

CAMPI and TMA said the growth was fueled by strong take-up across all vehicle categories.

Passenger cars posted a nearly 20 percent jump from 7,200 units in January 2015 to 8,632 units last month.

Commercial vehicles increased 32 percent last month to 15,176 units from 11,462 units last year.

CAMPI and TMA said Category 5, or the heavy-duty trucks and buses segment, led the growth in the commercial vehicle sector with a 188 percent year-on-year increase, driven mainly by ongoing construction and developments around the metro.

“We estimated a lower to stable sales performance for January since December has just ended. We will continue to offer products to meet the increasing customer demand,” CAMPI president Rommel Gutierrez said.

Toyota Motors Philippines Corp. maintained its market dominance with a share of 39.2 percent, followed by Mitsubishi Motors Philippines Corp. with 20.4 percent.

Ford Motor Co. Philippines, Inc. is at third with a 10.3 percent market share, trailed by Isuzu Philippines Corp. and Honda Cars Philippines Inc. with 8.3 percent and 7.4 percent market shares, respectively.

Gutierrez earlier said the initial industry target for vehicle sales this year is at 350,000 units as vehicle demand in the country is expected to remain strong.

Source: www.philstar.com/business