RP car sales up slightly in June

MANILA, Philippines - Although car sales in June were nearly flat, the first-half performance of auto sales in the country showed a decline. In a statement, the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) said car sales in June rose 1.3 percent to 10,909 units from 10,764 units a year ago. In the first semester, meanwhile, car sales contracted 2.8 percent from 61,632 cars to 59,910 units, with the biggest drop (-5.2 percent to 38,535 units) coming from commercial vehicles. Passenger car sales, on the other hand, rose slightly by 1.8 percent to 21,375 units from 21,003 units sold in the same period last year. Japanese cars cornered the largest market share, led by Toyota Motors Philippines Corp.'s 20,768 units sold from January to June 2009, 6.5-percent lower than the 22,209 last year. Mitsubishi Motors Philippines Corp., which had 17.8-percent share, sold 10,654 units. Honda Cars Philippines Inc., which got a 14.5-percent share, saw sales increasing by 13.1 percent to 8,683 units. Other top sellers were Korean-brand Hyundai Asia Resources Inc., and Isuzu Philippines Corp. Despite the slight decline in car sales, Campi president Elizabeth Lee said, auto sales in the country seemed to be holding up amid the worldwide recession. She added that the stability in the country's banking sector support auto sales as lenders continue to allow buyers to get financing for their purchases. Another positive factor is the continued growth of overseas Filipino workers' remittances. "With over $16 Billion expected from remittances and the fact that two out of three households is supported by an OFW, car sales should remain fairly stable with continued month on month growth to be seen in the next half of the year. The forecast for this year remains tempered towards at least a flat growth," Lee said. GMANews.TV