Weak August Drags On Car Sales

New vehicle sales in the Philippines have fallen back into negative growth territory after a decline of 8.8% year-on-year (y-o-y) in August to 10,575 units. This takes sales for the first eight months of the year down by 1.3% to 82,081 units, according to data released by the Chamber of Automotive Manufacturers of the Philippines (CAMPI). On the back of new model launches and lower interest rates on car loans, the industry is optimistic for an improvement in sales in the latter months of the year.

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