Philippines (CAMPI): New vehicle sales in 2019 increased by 2.6% to 410,000 units due to goods tax increase

By Statistics, AUTO, Sales

Philippines (CAMPI): New vehicle sales in 2019 increased by 2.6% to 410,000 units due to goods tax increase

Manila

March 11, 2020

Philippine Automobile Manufacturers Association (CAMPI):

Association of Automobile Importers and Distributors (AVID):

According to data released on January 28, new vehicle sales in 2019 increased by 2.6% to 412,106 units.

Even in 2019, the impact of the excise tax hike is still significant, including the effects of curbing capital investment.

The Philippines’ economic growth for the full year 2019 was 5.9%, the lowest level in eight years.

This is thought to have led to low growth in new vehicle sales.

-JETRO

https://www.jetro.go.jp/biznews/2020/03/6c1eddd98c0fd326.html

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