Motor vehicle sales posted a remarkable 12.9 percent increase in October, the highest monthly sales in the past two years with sales hitting 12,762 units versus 11,304 units sold in September buoyed by replacement purchases for flood-damaged cars, fleet sales and overseas workers remittances, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said.

The October sales also posted a significant 20.1 percent higher than October 2008 sales of 10,624 units.

The October performance has also brought the year to date sales to a positive 1.3 percent to 106,146 units from 104,757 units in the January-October period last year.

“Our October performance brings us closer to the attainment of target sales for the year of 125,000 units,” Lee said.

“The industry is optimistic that it will hit its minimum target as auto players have aggressively offered a wider product line coupled with low cost financing packages to to help buyers purchase their vehicles,” she added.

Versus other ASEAN countries, Lee said the Philippines has done fairly well when compared to its ASEAN neighbors where sales showed a double-digit decline.

“The local industry, however, will have to catch up with its neighbors in terms of overall volume,” she added.

Of the total 12,726 units sold, the passenger cars contributed 37,426 units slightly lower than the 37,573 units in the same period last year.

The commercial vehicles also contributed 68,720 units or 2.3 percent higher than 67,184 units sold in the same period last year.

“Typhoon Ondoy has an impact in terms of replacement but the last quarter is really the time of the year when auto sales are at its highest,” Lee said.