Vehicle sales dropped 3.2 percent year-on-year in February, following the implementation of the Tax Reform for Acceleration and Inclusion law which imposed higher excise taxes on passenger cars and light commercial vehicles.
The Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association said in a joint report their members sold 26,176 vehicles in February, down from 27,040 units delivered a year ago.
Data also showed that the February car sales plummeted 17.3 percent from 31,645 units purchased in January.
“The slight decrease in February sales compared to the same period last year suggests that the market is still adjusting to the new excise tax regime. Sales prospects remain positive as demand continues to be strong,” said Campi president Rommel Gutierrez.
Total sales in the first two months were still up 0.6 percent to 57,821 units from 57,465 units sold in the same period last year.
The two industry groups said passenger cars and light trucks exhibited the biggest decline in February of 10.5 and 40.1 percent, respectively.
Passenger cars sales dropped to 17,982 units in February from 20,098 units a year ago while lights trucks sales went down to 799 from 1,333 units.
Sales of Asian utility vehicles declined 4.1 percent to 11,274 units from 11,751 units. Commercial vehicle sales increased 6.6 percent to 39,839 units from 37,637 units while light commercial vehicles performed better with 14.5 percent sales hike to 26,758 units from 23,635 units.
Sales of trucks and buses categories IV and V also grew 11.5 and 6.6 percent, respectively to 671 and 337 units.
Toyota Motor Philippines Corp. remained the market leader with 36.39-percent market share, followed by Mitsubishi Motor Philippines Corp. with 25.32 percent.
Rounding the top 5 automotive players were Ford Motor Philippines Inc. with 7.82 percent; Nissan Philippines Inc., 7.37 percent; and Isuzu Phils. Corp. with 6.69 percent.