New automobile sales in Philippines stay flat in April

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(Excerpt)

New automobile sales in the Philippines stood at 25,799 units
through April, up .eight% year on year (y/y), reports the
Philippine Star, citing information released by the Chamber of
Automotive Producers of the Philippines Incorporated (CAMPI)
and the Truck Producers Association (TMA). Of this total, sales
of passenger cars fell by 22.7% y/y to 7,661 units, though
industrial automobile (CV) sales rose 15.7% y/y to 18,138 units. In
the year to date (YTD), total automobile sales in the nation are down
.four% y/y at 111,187 units. This is split among passenger automobile
sales of 33,833 units (down 12.eight% y/y) and CV sales of 77,354 units
(up six.three% y/y). “Sales final month stay erratic on a month-to-month basis,
but we count on that optimistic development trend on a yearly basis will
continue to increase in the coming months,” stated CAMPI president
Rommel Gutierrez.

Significance: The Philippine new automobile market place
has remained in optimistic territory for the previous 3 months. The
marginal development in April was primarily due to a low base of comparison
Having said that, regardless of the improvements more than the final 3 months, YTD
sales stay in damaging territory, primarily due to the
implementation of greater automobile excise taxes greater petroleum
costs, which have raised the total price of owning a automobile and
the indirect influence of greater interest prices and inflation, which
have impacted purchaser preferences and priorities. As reported
earlier, the business hopes to recover with a 10.% y/y boost in
sales through 2019. IHS Markit expects light-automobile sales in the
nation, such as passenger cars and light industrial
cars, to develop by eight.9% y/y to 422,827 units in 2019, primarily
thanks to new model launches and a low base of comparison.

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