Philippine car manufacturers are starting to feel the impact of the economic crunch with the dip in auto sales in January.
Data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) showed that the industry sold only 8,791 units last month, 0.19 percent lower than the 8,808 units sold in January 2008.
Month-on-month data showed that the January 2009 car sales dropped by 11.06 percent against 9,885 units sold in December 2008.
CAMPI President Elizabeth H. Lee said January is traditionally a slow month for car sales as consumers control expenses after a usually massive spending during Christmas.
Considering the rate at which the car industry contracted last month, Lee said the Philippine market is still better off.
"First month performance is still relatively better compared to other markets where January 2009 sales tumbled 37 percent year on year in the U.S. as China, for the first time in history, now takes the lead overtaking what used to be the largest car market in the world," Lee said.
Passenger car sales in the Philippines rose 14.2 percent year- on-year. The segment was led by Honda Cars Philippines, Inc., which sold 1,278 units; closely followed by Toyota Motor Philippines Corp., which sold 1,273 units.
Commercial vehicle sales in January fell 7.5 percent from last year's figures.
Toyota led the segment with sales reaching 1,930 units, followed by Mitsubishi Motors Philippines Corp., which sold 1,390 units.
"Commercial vehicle sales are expected to pick up in the coming months as fleet sales are realized, stocks normalize. Demand for dual purpose vehicles such as vans and pickups will continue and sales of AUVs (Asian Utility Vehicles) will stabilize as well," Lee said.