It appears the Philippine automotive industry is starting to bounce back after a difficult start to the year in January. According to the latest report by the Chamber of Automotive Manufacturers of the Philippines (CAMPI) and the Truck Manufacturers Association (TMA), a total of 24,304 units were sold in our market in February 2022.
While this reflects a 7.3% decline from the 26,230 units sold in February 2021, this total was still good for a 17% growth from the 20,765 vehicle sales recorded in January 2022.
“The February 2022 sales have regained a double-digit growth amid the improved consumer confidence as the country has shifted to ‘low-risk’ for COVID-19 classification, according to the government report—a welcome development for the industry,” said CAMPI president Atty. Rommel Gutierrez.
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According to the report, 45,069 units have been sold in the Philippines year-to-date, which is down by 9.2% from the same period last year. CAMPI remains optimistic, however, as it targets a 17% increase in total vehicle sales by the end of 2022.
“The industry is anticipating to see a continued recovery this month as the economy further reopens, downgrading to the least restrictive Alert Level 1 in major areas including the National Capital Region,” added Gutierrez. “As the economy reopens, the safety and health of the public are paramount to prevent another wave of virus infections and cause disruption anew to the recovery of the industry, which targets to sell 336,000 units this year—a 17% increase from the actual volume last year.”
