Philippine automotive sales climbed 14.8 percent in the first four months of 2024 to 146,920 from 127,927 units in the same period last year.
The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA) said in a joint report that sales of both passenger cars and commercial vehicles were strong in the four-month period.
“On the demand side, positive consumer and business confidence plus stability in automotive finance boosted sales,” said CAMPI president Rommel Gutierrez. He said the auto industry displayed strong in the four-month period despite a slight month-on-month (MOM) decline of 0.4 percent to 37,314 in April from 37,474 units in March.
Passenger car sales increased 9.4 percent to 38,380 in the first four months from 32,070 units a year ago, while commercial vehicle sales grew 13.4 percent to 108,667 from 95,857 units.
Month-on-month sales in April slowed 0.4 percent, with passenger car sales dropping 0.57 percent from 10,127 units and commercial vehicle sales slowing 0.4 percent from 27,377 units.
The two industry groups said that on a year-on-year basis, passenger car sales climbed 21.8 percent in April and commercial vehicle sales increased 16.9 percent.
CAMPI expressed optimism about delivering better sales in 2024 as the National Economic and Development Authority (NEDA) agreed to expand the coverage of Executive Order No. 12 to include hybrid electric vehicles (HEV) and plug-in HEVs.
EO 12 temporarily eliminates tariffs for EVs and their components for five years, to promote and create a stable ecosystem for sustainable transportation in the Philippines.
The combined EV sales represented 2.5 percent of total sales in 2023.
The Department of Energy (DOE) also announced the implementation of higher biofuel blends beginning October 2024, and CAMPI said the new vehicles are already compatible with B3 biodiesel.
“It is part of the global strategy of OEMs [original equipment manufacturers], and along with other carbon neutrality and electrified options, it will eventually come to the Philippines”, Gutierrez said, noting that compliance with the EO is voluntary.