Philippine auto sector outperforms in ASEAN market
(The Philippine Star) - November 7, 2017 - 4:00pm

MANILA, Philippines — The Philippine automotive industry is showing no signs of slowing down as it  continues to be among the top performing sales and production markets in Southeast Asia in the first three quarters.

Latest data from the ASEAN Automotive Federation showed vehicle sales and production in the Philippines posted the second fastest growth among automotive markets in the region behind Myanmar, a relatively smaller market.

Philippine automotive sales rose 15.9 percent in the nine months to September while local production jumped 30.1 percent during the same period, the same data showed.

In terms of vehicle sales, only the Philippines, Myanmar and Thailand recorded double-digit growth in the nine-month period, while others posted a low single-digit increase or a decline.

Overall, vehicle sales in the region reached 2.44 million units as of end-September, 5.6 percent higher than the 2.31 million units in the same period last year.

Meanwhile, the Philippines significantly jacked up vehicle production to 112,171 units from 86,244 units in the same period in 2016.

In the region, only the Philippines, Indonesia and Myanmar posted year-on-year increases in vehicle production.

Overall, vehicle production in the region was flat from last year at 3.02 million units.

The government, through the Department of Trade and Industry, has taken steps to boost local production of vehicles in the country as part of its manufacturing resurgence program.

The P27-billion Comprehensive Automotive Resurgence Strategy (CARS) program, which was approved under the previous Aquino administration, seeks to encourage local car assembly through incentives and allow industry players to become more competitive.

A portion of the budget for the CARS program is now being allocated to support the local assembly of eco-friendly public utility vehicles.

The government initially seeks to modernize 200,000 public utility jeepneys  across the country as part of government efforts to provide a safer transport system for commuters, while mitigating the effects of climate change. 

Philstar
Facebook
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with
Read and share the latest news
whenever and wherever you are.
Top Stories
Features the most relevant stories,
exclusive content, analyses and special reports.
As It Happens
Get bite-sized highlights and up-to-date
information as the news breaks.
Latest
View the most recent
stories of the day.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
Log-in
Lorem ipsum dolor sit amet,
consectetur adipiscing elit.
Quisque justo est, auctor vel ullamcorper.
How to follow As It Happens stories
STEP 1
Click the story in the As it Happens section.
How to follow As It Happens stories
STEP 2
Click "Follow Story" for updates on the news.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Author
STEP 1
Click on the author's name in the article.
How to follow Author
STEP 2
Once you click on the author's name, you will be
brought to the Authors page. Click "Follow Author"
to stay updated on the author's works
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.
How to follow Tags
STEP 1
Click on a tag in the article.
How to follow Tags
STEP 2
When you click on a tag, it will take you to the
dedicated tag page where you'll see the article
viewed, along with other stories with that tag.

Click the "follow tag" button to stay updated on
the topic.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam eu metus vitae felis tincidunt finibus ut id sapien. Integer volutpat dui eu malesuada dignissim. Sed varius justo nulla, fringilla convallis sem porta sed.