Phl posts fastest growth in motor vehicle sales

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MANILA — Among the countries in the Southeast Asian region, the Philippines posted the fastest growth in terms of motor vehicle sales from January to May.

From the total of 72,988 units of vehicles sold  in the same period last year, the country’s sales in motor vehicles increased by 22.4 percent reaching a total of  89,335 units, according to a data from the  Association of Southeast Asian Nations (ASEAN)  Automotive Federation (AAF).

Amid the Filipino’s strong demand for cars, the country’s sales became the highest in the region soaring higher than Vietnam’s 19.6 percent, Singapore’s 18.7 percent, Indonesia’s 6.8 percent and Malaysia’s 5.7 percent during the same five-month period.

While countries like Thailand and Brunei posted year-on-year declines in motor vehicle sales of 42.2 percent and 0.4 percent, respectively, the Philippines posted the highest car sales compared with other countries in the Southeast Asia. 

It also had the highest increase rate in terms of motorcycle and scooter sales with rates climbing to 13.3 percent to 321,386 units as of end-May from 283,769 units in the comparable period in 2013.

The country’s motor vehicle output growing by 14.3 percent to reach 34,561 units, keeps increasing ahead of Indonesia’s 13.6 percent, Malaysia’s 8.3 percent and Thailand’s -29.5 percent. The figure, however is only behind Vietnam’s 31 percent.

With reports from Philippine Star