Sept. vehicle sales up 28 percent to 14,447 units

Vehicle sales soared 28 percent to 14,447 units in September from 11,304 a year earlier, the Chamber of Automotive Manufacturers of the Philippines and the Truck Manufacturers Association said in a joint statement Thursday. Sales in the fourth quarter should stay healthy because consumers and businesses are confident about the economy, CAMPI and TMA said. For the first nine months vehicle sales soared 36 percent to 126,901 units, prompting car makers to raise the 2010 sales target to 175,000 from 165,000. Remittance from overseas Filipino workers is also expected to top last year's $17.3 billion record that could help drive car sales higher, CAMPI president Elizabeth Lee said in the statement. "Coupled with banks awash with cash, financing packages and promotions readily available, and the players ramping up towards the tail end of the year, we can expect sustained sales to cap off 2010 as a good year for auto sales," Lee said. With only three months to go, the industry is gearing up to exceed the 1996 sales of 162,000 units — the record high — for the first time in 14 years, Lee said. The government drive against imported used cars has also help fuel car sales. “This augurs well for the industry, particularly the recent ruling of the Regional Trial Court upholding Executive Order 156 which prohibits the entry of imported used vehicles," Lee said. —JE/VS, GMANews.TV