Philippine auto industry records highest increase in April 2021
MANILA – The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufactures Association (TMA) reported a total vehicle sales for April this year reached 17,843 units or equivalent to 13,315% increase from the 133 units sold for the same period last year.
CAMPI President Atty. Rommel Gutierrez said this is a record year-on-year sales increase since the advent of the COVID-19 pandemic last year. The industry anticipated this recovery after auto sales was sternly hit by the pandemic in the same month last year, which showed the sharpest decline in the history of Philippine automotive industry.
Atty. Gutierrez said the industry recorded an overall decline month-on-month sales decline by 13.8% due to the reimposition of stricter quarantine restrictions after a surge in COVID-19 cases as the economy reopened last March.
“Additionally, tighter bank lending continues to dampen the demand for consumer spending especially for big-ticket items like auto amid the pandemic. The additional deposit due to safeguard measure is burdensome to consumers and industry alike,” he explained.
Year-to-date, the industry sold 88,155 units, a 36.3% increase compared with the same period last year, showing signs of recovery amid the pandemic. (Melo M. Acuña)
CAMPI President Atty. Rommel Gutierrez. (File Photo/Melo M. Acuña)