So, if you are wondering why Metro Manila is doomed with traffic, apparently, the Philippines is one of the fastest growing automotive market in Southeast Asia.
According to Nikei Asian Review, the Philippines is the third fastest growing automotive market in Southeast Asia.
In 2016, the country hit 24.6% increase in car sales. This is based on a joint study of the Chamber of Automotive Manufacturers of the Philippines Incorporated (CAMPI) and the Truck Manufacturers Association. The sales value translates to 359,572 units.
The report also showed, “Auto loans extended by banks jumped 29.1% to 353.80 billion pesos (USD7.14 billion) at the end of September from the year before, data from the Philippine central bank showed.”
Although this is expected to change if “higher excise tax on car purchases could be imposed as early as 2018 as part of President Rodrigo Duterte’s tax reform program.”
Anything to add to this story? Share your thoughts with us.