GlobalAutoTV
"Doing Business in India"
Avneet Jolly and Anupam Prakash
Click to watch Avneet Jolly and Anupam Prakash -
Click to watch Avneet Jolly and Anupam Prakash -
asia resources


Need an office in Asia? Office suites, meeting rooms, virtual offices, network access



free downloads
ASIA: "Thailand: A Step Forward on Joining the Patent Cooperation Treaty" Alert

ASIA: "Thailand: A Step Forward on Joining the Patent Cooperation Treaty" Alert. 3-page Alert by Baker & McKenzie.

proceed to download
eJournals




back to index backASIAtalk January,  2017


Philippines car sales soar 24.6% in 2016

Toyota, Mitsubishi set to begin local production to tap fast-growing market.

New car sales in the Philippines peaked last year, as the entry of new models spurred more auto purchases in Southeast Asia's fastest-growing economy, industry groups said Tuesday.

Total sales rose by 24.6% to 359,572 units, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines Incorporated and the Truck Manufacturers Association. Sales of Hyundai Philippines, the biggest among those companies that are not affiliated with either of the two groups, stood at 25,021 units at the end of September, up 50% year-on-year, suggesting that the industry surpassed its 370,000-unit target for 2016.

"Successful introductions of new models complemented by various events and promotions enabled us to meet the increasing customers' demands in an expanding Philippine market," CAMPI president Rommel Gutierrez said.

The International Monetary Fund expects Philippines' gross domestic product per capita to have breached the $3,000 mark last year. The overall economy expanded by 7.1% in the third quarter, while interest rates have been kept relatively low, allowing banks to offer cheap auto financing packages. Auto loans extended by banks jumped 29.1% to 353.80 billion pesos ($7.14 billion) at the end of September from the year before, data from the Philippine central bank showed.

Toyota Motor Philippines, which grew sales by 26.95% to 158,728 units, cornered the leading market share, with 44.14%. Mitsubishi Motors Philippines, which captured a 17.08% market share, sold 61,400 units, up by 13.52%. Ford Motor Philippines sold 33,688 units, an increase of 32.77% and equivalent to 9.37% market share.

CAMPI has yet to set its target for 2017, but Mitsubishi and Toyota plan to begin Philippine production after qualifying for a $600 million incentive program, which could boost car sales. Mitsubishi plans to begin manufacturing its Mirage sedan this year, while Toyota aims to start the local production of its Vios sedan next year. Both companies are required to produce 200,000 units each over a period of six years under the program.

But while local vehicle production is being ramped up, higher excise tax on car purchases could be imposed as early as 2018 as part of President Rodrigo Duterte's tax reform program.

Philippines is the third fastest growing automotive market in Southeast Asia. According to the ASEAN Automotive Federation, Singapore led the car sales growth from January to October, with 50.3% cyclical expansion, followed by Vietnam with 32.1%, the Philippines, and Indonesia with 2.6%. Brunei, Malaysia and Thailand all reported contraction, while data from Myanmar was not available.

Source: Nikkei Asian Review - GAI






previous page

go top



search our site


Loading

ASIAtalk

Other articles from the same issue (January,  2017).

China automotive market: witnessing the transformation (2017 edition)
play read on

After expat exes fail, global automakers searching for Indians to lead their India operations
play read on

The Automotive Sector Can Transform South Asia Economically
play read on

China: Top 10 game-changing auto industry events in 2016
play read on

China sales vroom in 2016 for global automakers; dull 2017 looms
play read on

Asia-Pacific automotive industry now a powerful revenue generator for robot manufacturers
play read on

Demonetisation woes: Car market in India stops short of 3 mn units in 2016
play read on

Philippines car sales soar 24.6% in 2016
play read on

How 3-D Printing Could Disrupt Asia's Economies
play read on

Globalization: Considerations For Global Companies In Asia
play read on

Tariffs on China will mean tariffs on US imports, says Beijing
play read on

Three secrets to a successful Asia strategy
play read on

Asia-Pacific employers raise salaries to combat high turnover
play read on

Emerging markets: reimagining India
play read on

India: Ease of doing business: DIPP calls for fast-track commercial courts
play read on

China tells top officials to lead corruption fight by example
play read on

Impact of internet and digitisation on SMBs in India
play read on

Singapore: Need to review R&D tax incentive scheme to boost innovation
play read on

Vietnam's Transformation
play read on

No vacation for nearly 40% of China’s white collar workers
play read on

Shifting patterns: The future of the logistics industry
play read on

2017 Japanese Anti-Tax Haven (CFC) Regime
play read on

Signs of recovery broaden in Asia
play read on

Daily Minimum Wage Rates in Thailand to Increase from January 1, 2017
play read on

2017 Thailand Tax Calendar
play read on

Vietnam: Tax reform and transfer pricing
play read on

India: Domestic steel production rises as sales pick up
play read on

India, Singapore revise tax treaty
play read on

China bids to attract more investment
play read on

Malaysian employers must pay foreign worker levy themselves
play read on


Our Free eJournals
GlobalAutoExperts

To visit GlobalAutoExperts Directory, click here.


©2008 GlobalAutoIndustry.com | HCI Group, Ltd.
101 West Big Beaver Road, Suite 1400 | Troy, MI 48084 USA
USA Tel: +1.248.687.1060 | USA Fax: +1.248.927.0347
Fax UK: +44.(0)845.127.4765 | Fax Europe: +31.20.524.1659 | Fax Asia: +852.3015.8120