Motoring enthusiasts and car-buyers look at a Chevrolet Camaro on display during the 3rd Philippine International Motor Show at World Trade Center in Pasay City, Metro Manila August 19, 2010.Manila (News Today) - Vehicle sales in the Philippines hit a record high in 2010, driven by steady economic growth, low domestic interest rates and steady remittance inflow from Filipino workers overseas, an industry group said.
The Chamber of Automotive Manufacturers of the Philippines, in a statement issued Sunday, said sales last year came to 168,490 units, 27% higher than the 132,444 units sold in 2009. The figure also eclipsed the record 162,000 units set in 1996 before the 1997-1998 Asian financial crisis sapped demand.
For December alone, sales reached 13,749 units, up from the 13,523 sold in November, and 13,596 sold in December 2009. CAMPI President Elizabeth Lee said the industry's sales performance in 2010 should encourage car companies looking to expand their investments in the country.
Lee said a preliminary target of a 4% to 5% growth in sales has been set for this year. She added that the target will be reviewed and updated quarterly. Despite the record set in 2010, the number of cars sold in the Philippines still pales in comparison to the volume sold in neighbors Indonesia, Malaysia and Thailand.
Source : kompas
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