The local automotive industry is still trying to get back on its feet this year. Unfortunately, after seeing some slight improvements in February, the industry has now posted significantly lower sales figures for March.
According to data from the Chamber of Automotive Manufacturers of the Philippines (CAMPI), there were only 20,702 vehicles sold in March. This is a 21.1% drop from February, wherein 26,230 units were sold. It’s also worth noting that this is lower than January’s 23,380 figure.
CAMPI president Atty. Rommel Gutierrez said in a statement that the dip in sales last month was due to the new safeguard duties on vehicle imports imposed by the Department of Trade and Industry as well as the stricter quarantine guidelines in and around the capital.
“The auto industry felt the slowdown in sales due to the reluctance of buyers with the additional deposit for some imported vehicles because of the provisional safeguard duty. The lockdown also forced dealers to close operations that badly hit the already struggling auto industry,” said Gutierrez.
Looking at the bigger picture, though, the industry has posted better numbers this year. So far from January until March, a total of 70,312 vehicles have been sold, good for an 8.9% year-on-year increase. Also, the industry tallied 9,673 more vehicle sales (87.7% growth) in March 2021 than it did during the same month last year.