Automobile sales in the country are seen to improve in the coming months, with an industry group recording a 27.2 percent uptick in motor vehicle sales last month.

Based on the consolidated report by the Chamber of Automotive Manufacturers of the Philippines Inc. or CAMPI and Truck Manufacturers Association or TMA, automobiles sold last February 2023 reached 30,905 units, or more than 6,000 units, that is, 24,304 units, compared to February 2022.

“The industry demonstrated once again a positive sales growth of 27.2 percent in February 2023 on a year-on-year basis — a clear indicator of a continuously progressing auto industry from the course of the pandemic,” said CAMPI president Atty. Rommel Gutierrez.

Optimistic about further growth

Further, he said members of CAMPI and TMA remain optimistic that it will further grow by 10 percent to 15 percent, heading towards the 395,000-unit sales mark this 2023 from the actual sales of 352,596 units recorded last year.

Broken down, sales made last February for passenger cars hit 30,905 compared to 29,499 last January; commercial vehicle sales posted 7,189 in February 2023 versus 7,506 in the prior month; and light commercial vehicle posts 23,716 sales in February, compared to January 2023’s 21,993 sales.

“Favorable various economic indicators are prevailing, leading to improving the overall outlook of the economy alongside increasing consumer demand for new motor vehicles,” he added.

Sales growth forecast

The CAMPI-TMA sales forecast this year is higher than the pre-pandemic levels, only second to 2017 sales performance, a year prior to the implementation of excise tax under the Tax Reform for Acceleration and Inclusion Law.