Sales of vehicles in the country reached 26,176 units year-on-year in February 2018, down by 3.2 percent from 27,040 units year-on-year in February 2017, Chamber of Automotive Manufacturers in the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported.
Sales of passenger cars dropped to 8,192 units or 10.1 percent in February 2018 from 9,114 units in the same month last year.
Year-on-year sales of commercial vehicles remained almost flat at 17,984 units last month from February 2017’s sales of 17,926 units.
Double-digit decrements were registered in the local vehicle industry month-on-month.
Overall sales decreased by 17.3 percent last month compared to January 2018’s 31,645 units.
Sales of passenger cars and commercial vehicles both declined by 16.3 percent and 17.7 percent, respectively, in February this year from the segments’ sales in January.
“The slight decrease in February sales compared to the same period last year suggests that the market is still adjusting to the new excise tax regime,” CAMPI President Rommel Gutierrez said.
The Tax Reform for Acceleration and Inclusion (TRAIN) law, which was implemented at the start of the year, has imposed higher excise tax rate for automobiles.
Gutierrez said sales prospects for the year remain optimistic as demand continues to be strong.
Moreover, two-month sales of CAMPI and TMA registered a flat growth of 0.6 percent to 57,821 units this year from 57,465 units in the same period in 2017.
Passenger cars’ sales fell by 10.5 percent in January to February 2018 to 17,982 units from last year’s same period of 20,098 unit sales.
On the other hand, sales of commercial vehicles in the said period increased to 39,839, up 6.6-percent from 2017’s 37,367 units.
In the same period, sales of light commercial vehicles as well as trucks and buses categories four and five registered positive sales of 14.5 percent, 11.5 percent, and 6.6 percent respectively.
Sales of Asian utility vehicles and light trucks, however, declined by 4.1 percent and 40.1 percent, respectively.
Toyota Motors Philippines Corp., has remained the market leader from January to February 2018 despite its sales drop by 15.2 percent month-to-date.
Completing the top five vehicle assemblers in the Philippine market for January to February this year are Mitsubishi Motors Philippines Corp., with sales up by 32.3 percent; Ford Motor Philippines, Inc., up by 14.4 percent; Honda Cars Philippines, Inc., up by 6.8 percent; and Nissan Philippines, Inc., up by 19.7 percent.