The Philippine economy has become an Asian tiger. As car manufacturers spurred new cars to stimulate market sales, Philippine car sales reached a record high in 2016, with nearly 360,000 units increasing by 24.6%.
According to the Nikkei News, the Philippine Automobile Manufacturers Association (CAMPI) and the Philippine Truck Manufacturers Association (TMA) said that Philippine car sales have achieved good results thanks to the introduction of new models and various promotions to meet the rising consumer demand in the Philippines. .
The members of the Philippine Automobile Manufacturers Association and the Truck Manufacturers Association account for nearly 90% of the market share in the Philippines, but Hyundai Motor does not belong to its members. If the sales volume of Hyundai Motor is about 25,000 units, the total sales of the Philippines in 2016 will be More than 370,000 units. Sales of cars in the Philippines are now 50% year-on-year.
The International Monetary Fund (IMF) said that in 2016, the per capita GDP of the Philippines has reached 3,000 US dollars, and the economic growth rate in the third quarter of last year was 7.1%, but the interest rate is still relatively low, allowing banks to provide cheap car loans. The Philippine Central Bank data shows In the third quarter of last year, bank car lending increased by 29.1% year-on-year to US$7.14 billion.
Toyota's sales in the Philippines grew by 26.95% to 158,728 units, with a market share of 44.14%. Mitsubishi Motors has a market share of 17.08%, selling 61,400 units, up 13.52%. Ford Motor sold 33,688 units, an annual increase of 32.77%, and the market share was 9.37%.
Mitsubishi and Toyota plan to start production in the Philippines after qualifying for a $600 million government incentive program, which could increase car sales. Mitsubishi is preparing to produce Mirage this year, and Toyota plans to start producing Vios in the Philippines next year. The two companies must produce at least 200,000 vehicles locally each year for six years.
But Philippine President Dutti is preparing to raise the car sales tax in 2018 as part of the tax reform plan, which may curb car sales. The Philippines is the third-highest car growth rate in Southeast Asia. According to data from the ASEAN AutomoTIve FederaTIon, Singapore's car sales grew fastest in January-October 2016, with an annual growth rate of 50.3%, followed by Vietnam. 32.1%.
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