Philippines' vehicle sales up

Philippines’ vehicle sales up

Philippines' vehicle sales rose 13.2 percent year on year in October in anticipation of increased prices due to the new expanded value-added tax law. The Chamber of Automotive Manufacturers of the Philippines (CAMPI) indicates that the country's vehicle sales rose from 7'866 units a year earlier to 8'907 units in October. For the January-October 2005 period, vehicle sales rose 11.6 percent year on year to 80'843 units. This accounts for 85 percent of 2005's target of 95'000 units. CAMPI president Elizabeth Lee indicates that the new VAT law and rising fuel prices caused an increase in costs and that this is reflected in vehicle prices. Fleet deliveries, sustained financing promotions and other marketing activities helped passenger car sales rise 8.8 percent to 22'263 units in the first ten months of the year. Commercial vehicle sales amounted to 51'031 units in the first ten months, up 13.4 percent from a year earlier.