MANILA: Entry of new models pushed automobile sales in Asia’s fastest-growing economy last year, reports Nikei Asian Review.
A joint report by the Chamber of Automotive Manufacturers of the Philippines Incorporated (CAMPI) and the Truck Manufacturers Association says total sales rose by 24.6% to 359,572 units.
“Successful introductions of new models complemented by various events and promotions enabled us to meet the increasing customers’ demands in an expanding Philippine market,” CAMPI president Rommel Gutierrez said. Car purchases also increased because of cheap auto financing packages from banks.
“Auto loans extended by banks jumped 29.1% to 353.80 billion pesos (USD7.14 billion) at the end of September from the year before, data from the Philippine central bank showed,” says the report.
Ironically, “higher excise tax on car purchases could be imposed as early as 2018 as part of President Rodrigo Duterte’s tax reform program.”
Philippines is the third fastest growing automotive market in Southeast Asia.
