Filipinos can't get enough of gas guzzlers as vehicle sales in June improved despite painful inflation concerns.
Total motor vehicle sales skyrocketed 27% year-on-year to 36,311 units in June, according to a joint report penned by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association released Tuesday.
Sales in June lagged behind figures recorded in the preceding month, which tallied 38,377 units sold. The outturn still marked an improvement compared to 2022, as the economy was hampered by mobility restrictions and pandemic woes.
Year-to-date, total motor vehicle sales improved by 30.7% to 202,415 units.
As it is, the industry was roiled by headwinds, as sales waxed and waned, since the pandemic ravaged the global economy in 2020.
Commenting on the June figures, CAMPI president Rommel Gutierrez indicated that it was 'a reflection of improved consumer spending for big-ticket items amidst the significant market for new motor vehicle sales, the main growth anchor of the industry.'
Vehicle sales are often used as a barometer of economic strength. The central bank, for instance, closely follows this gauge to measure consumer appetite for durable goods.
Household consumption represents 70% of annual economic output, and big purchases like cars materially add to gross domestic product when produced more.
However, sales are showing signs of cracking under inflation pressure.
Data broken down showed sales of passenger cars, comprising a 25.18% market share last month, skyrocketed 20.5% year-on-year. On a monthly basis, it retreated 8.23%.
Commercial vehicle sales rose 29.2% year-on-year to 27,325 units in June. This segment accounted for 75.25% market share in the previous month, declining 3.7% month-on-month.
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