FFE Magazine

Car sales in the Philippines Increasing

by FFE PH News staff

Felipe Carlos, vice president and dealer network head of the BPI Family Savings Bank, revealed that more Filipinos are able to buy brand-new cars nowadays.

He said “The growth of the auto industry was due to the improving economy, wherein more people are now able to buy cars.”

Sales trends showed a significant boost recently in the number of cars sold by dealers around the country. From a yearly average of 140,000 from 2006 to 2011 sales totaled to 180,000 last year, a difference of 40,000.

The vice president said that the continued growth of the economy keeps his bank optimistic. BPI predicted that sales will reach at least 200,000 by the end of the year.

He revealed that the bank’s Auto Loan service releases Php50m loans a month and that the bank receives an average of 50 to 70 applications for car loans monthly. In anticipation of more applications, the bank has set aside Php35 billion for car loans, of which Php900m was reserved for the Davao region alone.

The government has reported that the economy has been showing an uptrend for the first half of 2013. National Statistical Coordination Board chief Jose Ramon Albert said that growths in the domestic economy hit 8% for each quarter. He also confirmed that consumer spending has improved.

He said “The resilient services sector, which grew by 7.4 percent, remained the main driver of the country’s growth supported by the 10.3 percent and 17.4 percent growth of the manufacturing and construction (sectors), respectively boosting the industry sector to grow by 10.3 percent.”

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