Things may have been a bit rough for several businesses throughout the past month or so with the implementation of higher levels of community quarantine across the country, and it appears the Philippine automotive industry continues its recovery.
According to the numbers from the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and Truck Manufacturers Association (TMA), there were 17,843 vehicles sold in April 2021. That’s equivalent to a 13.8% decrease from March’s 20,702 figure. It comes as no surprise, though, because as mentioned, the recent lockdowns have hampered the recovery of several businesses.
“Additionally, tighter bank lending continues to dampen the demand for consumer spending especially for big-ticket items like auto amid the pandemic,” said CAMPI president Atty. Rommel Gutierrez. “The additional deposits due to the safeguard measures are burdensome in itself to consumers and industry alike.”
At the same time, though, April 2021’s sales figure also reflects a massive 13,315% year-on-year increase. See, in April 2020—which was the height of the lockdown last year—only 133 units were sold.
Looking at the bigger picture, the auto industry’s year-to-date performance is already good for a 36.3% increase from the same period last year with 88,155 units sold.
Top Gear Philippines is now on Quento! Click here to download the app and enjoy more articles and videos from Top Gear Philippines and your favorite websites.
Top Gear Philippines is now on Quento! Click here to download the app and enjoy more articles and videos from Top Gear Philippines and your favorite websites.
