Despite a slight decrease in April, overall domestic auto sales surge 37.4 percent in the first four months this year boosted by continued consumer and business confidence, manageable inflation rate, sustained overseas remittances and an aggressive financing environment.

“These factors support the continued growth of the entrepreneurial trend that benefits the auto industry and the relatively peaceful election,” said Elizabeth H. Lee, president of the 20-member Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI).

CAMPI data showed that total sales in the January-April period reached 52,963 units or 37.4 percent higher than the 38,551 units sold in the same period last year. The passenger car segment grew by 28.4 percent to 17,667 units from 13,762 units in the same period last year while the commercial vehicle segment posted a significant 42.4 percent increase to finish with 35,296 units from 24,789 units last year.

“The surge was higher than expected. Strong growth thus far has been supported by the slew of new model introductions by auto players coupled with aggressive financing packages available making the purchase of vehicles more accessible and affordable for a larger group of consumers,” Lee said.

Lee said there is now a short supply in metal in global market with prices rising as well as existing inventories are now depleting and need to be replenished.

Light commercial vehicles (LCVs) which include the pickup trucks, vans, compact and full sports utility vehicles bringing in the largest chunk of sales for commercial vehicles with 23,101 of these types of vehicles sold nationwide reflecting a 53.4 percent jump in sales versus 15,060 unit sales in the same period last year.

LCVs represent 65.4 percent of total commercial vehicle sales. Strong sales from the pick up trucks, vans, and compact wagons are expected to continue in the coming months.

Meantime sales of Asian utility vehicles reached 11,493 units reflecting a strong growth of 29.9 percent versus the same period last year.

However, if compared to the previous month, data showed that sales in April posted a slight 0.8 percent decline as sales only hit 14,254 units versus 14,373 in March. Data showed that all vehicle category sales dropped in April with the trucks and buses posting the biggest decline of 38.8 percent followed by light trucks with a negative 29.2 percent growth over March figures.

“Month on months sales were almost flat (-0.8 percent ) for April versus March sales mainly due to lack of stocks due to the stronger than anticipated sales for the past months hence resulting in delays in supplying the demand,” she said.