Manila, Metro Manila, Philippines (AHN) – Car sales in the Philippines went up 29 percent in the first 11 months of 2010. According to the Chamber of Automotive Manufacturers of the Philippines, 153,163 units were sold from January to November.
For the same period last year, only 118,848 vehicles were sold.
CAMP President Elizabeth Lee said because of the strong sales, the chamber is confident 12-month sales would exceed their target of 162,000 units.
The last time that number of cars was sold across the country was in 1996.
Lee attributed the fast pace of auto sales to high business and consumer confidence from the peaceful May national elections and the entry of a new administration. The confidence spilled into the second half of the year, she said.
Lee added that auto sales also were boosted by attractive financing packages from car makers and financial institutions and strong remittance from overseas Filipino workers.
The Bangko Sentral ng Pilipinas confirmed the improved consumer confidence. According to the central bank’s fourth quarter survey, the consumer confidence index rose to minus 8.5 percent from minus 14 percent in the 3rd quarter.
However, the index continued to stay in negative territory because there were more pessimists than optimists, particularly among the low-income group.
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December 12th, 2010 
davidguide 
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