The Philippine automotive industry zoomed with the third fastest growth in Southeast Asia to start the second quarter of the year, staying on track with its 350,000 unit sales target for the year.
Latest data from the ASEAN Automotive Federation showed the Philippines is one of only three countries in the region to register growth in the first four months of the year.
Vehicle sales in the country accelerated 23.8 percent in the January to April period, behind Singapore’s 79.9 percent growth and Vietnam’s 37.6 percent ascent.
Other Southeast Asian automotive markets monitored by the ASEAN AutoFed, meanwhile, cooled down in the four-month period. Brunei’s vehicle sales fell 28.3 percent year-on-year as of end April while that of Malaysia slipped 18.8 percent.
Thailand likewise saw a 6.1 percent decline in automotive sales as well as Indonesia with a 3.3 percent drop. In terms of volume, the Philippines ranked fourth largest in the region with 104,176 units sold in January to April 2016 period.
Indonesia continued to post the biggest number of sales with 351,911 units followed by Thailand with 236,546 units, and Malaysia with 173,432 units.
Overall, motor vehicles sold in the seven countries slipped 1.2 percent in the first four months of the year to 984,412 units from 996,033 units in the same period last year.
In terms of vehicle manufacturing, local production rose 17.1 percent year-on-year to 33,833 units as of end April but such output remained the lowest among other production hubs in the region.
Production in Thailand remained the region’s leader with 645,111 units followed by Indonesia with 388,169 units, and Malaysia with 174,385 units.
Vehicle production in the country, however, is seen picking up in the next few years with the start of the government’s Comprehensive Automotive
Resurgence Strategy (CARS) program. The program seeks to encourage local car assembly through incentives and allow industry players to become more competitive and tap opportunities in the regional supply chain.
Source and image: Philstar