The Philippines finished as the second fastest growing automotive market

ASEAN Automotive Federation data showed that the Philippines posted 23 percent growth between January and March.

Our country finished as the second fastest growing automotive market in Southeast Asia in the first quarter of the year. This comes as the Philippines’s economic continues to drive more Filipinos into purchasing a car.

According to the ASEAN Automotive Federation data, the Philippines posted a 23% growth during the January to March period, helping the country improve its position. The Philippines is second only to Myanmar’s 58.2 percent year-on-year growth in automotive sales.

>>> View more: PH car sales in April grew a modest 4.8%

Our country finished as the second fastest growing automotive market in Southeast Asia in the first quarter of the year

Other countries in the region all posted single-digit growth in vehicle sales while Brunei was the sole market which suffered a year-on-year decline in sales. Overall, motor vehicle sales in the region increase 10.3 percent to 818,832 units from 742,417 units in the same period last year.

According the Chamber of Automotive Manufacturers of the Philippines Inc, the automotive industry has continued the path of motorization as evident in the robust sales of both passenger and commercial vehicles in the first quarter.

The Philippines posted a 23 percent growth during the January to March period

However, because of a sweeping new tax reform which includes raising the excise tax applied to vehicles divided into various price brackets, the automotive industry in the Philippines is still uncertain. The new policy will see excise tax being raised for vehicles in the upper brackets while barely affecting those in the lower brackets. This reform will perform well? Only time can answer.

>>> View more: Vehicle sales grew up 10% in Q1 2017

Philippine automotive industry makes new record