Floods And Remittances Boost Car Sales

New vehicle sales in the Philippines exceeded expectations in 2009, as consumers replaced flood-damaged vehicles towards the end of the year. Sales began to register positive year-on-year (y-o-y) growth from October onwards as the storms hit, with December sales up 37.5% y-o-y, to 13,596 units. Total sales for the year were 6.4% higher than 2008, at 132,444 units, easily surpassing the Chamber of Automotive Manufacturers of the Philippines (CAMPI) forecast for flat to 4% growth at the

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