New vehicle sales in the Philippines declined by 12% to 26,230 units in February 2021 units from 29,790 units in the same month last year, according to member wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).
The Philippines was one of the economies in Asia worst hit by the COVID-19 pandemic last year, with GDP shrinking by 9.5% as a result of prolonged lockdowns across the country which held back private consumption and investment, while exports plunged due to weak overseas demand. Vehicle sales plunged by 39.5% to 223,793 units in 2020 from 369,941 units in 2019, based on data supplied by the two associations.
February and year-to-date 2021 car sales
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