Vehicle sales recovered in February from a 30-percent slump in January compared with the previous month.
A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) shows total vehicle sales in February reached 29,790 units, up 25.6 percent from the 23,723 units sold in January and by 13 percent from 26,327 units in February 2019,
“While we anticipated a growth recovery coming from the previous month’s losses due to the adverse effect of the Taal Volcano eruption, this double-digit growth is more than what we have expected,” said Rommel Gutierrez, CAMPI president.
Gutierrez said based on the industry’s statistics, February 2020 recorded the highest sales figure, surpassing the same month’s sales performance in the last 10 years.
Gutierrez said that while the industry remains optimistic that this growth will be sustained in the coming months, “we cannot disregard the ripple effect of corona virus diseaes 2019 (COVID-19) moving forward.”
“It must be noted that the automotive industry remains one of the most complex and integrated supply chains regionally and globally,” Gutierrez said.
Meanwhile, the industry also posted a double-digit growth of 13.2 percent from the 26,327 units sold in the same period last year.
Year-to-date, the industry has sold 53,513 units, a 0.6 percent increase compared with that of in 2019.
