BusinessWorld
April 14, 2021 | 12:33 am
The auto industry sold 20,702 vehicles in March, up 88% from a year ago. PHILIPPINE STAR/ MICHAEL VARCAS
AUTO SALES in March surged by almost 88% compared with a year earlier as the industry recovers from the impact of the strict lockdown implemented last year.
The auto industry sold 20,702 vehicles in March compared with just 11,029 in the same month last year, a joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) released on Tuesday showed.
Vehicle sales in March 2020 were severely affected by closure of nearly all businesses after the government placed Luzon under an enhanced community quarantine to curb the coronavirus outbreak.
Car sales in Philippines continue to slump
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The Department of Trade and Industry’s (DTI) Safeguard Measures Act has hit the automotive industry hard as it is still recovering from the still-ongoing pandemic. While the act itself is meant to protect local automotive manufacturers, by imposing additional taxes on imported vehicles, the move has also caused an increase in the prices of imported units in the country. It is important to note that majority of the vehicles sold in the Philippines come from countries such as Japan, Thailand, Indonesia, and China. With the new tariffs in play, these vehicles could see significant price increases in the coming months.