The resumption of motorization in the Philippines catalyzed automotive sales to breach pre-pandemic sales.
The industry has finally breached comparable 2019 January to September sales volumes by 3 percent, reaching 306,285 units and a 25 percent growth from 245,656 units in the same period last year.
“We are very encouraged by the 25 percent growth in the automotive market in the first three quarters of 2023. This is a strong indication of the return to motorization that is an essential enabler of economic growth in the country,” said Atsuhiro Okamoto, president of market leader Toyota Motor Philippines Corp. (TMP).
TMP for its part exceeded pre-COVID levels by 26 percent.
“ The regularization of vehicle supply chains, the slew of new model introductions and, importantly, the renewal of auto consumer financing have all contributed to the sales resurgence this year,” Okamoto said in a press statement. – Irma Isip
