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Auto sales seen speeding past 500k
The Philippine Star
|November 25, 2024
Philippine vehicle sales may hit a record-high of 500,000 units next year, driven by election-related spending and low interest rates, according to an industry official.
Federation of Automotive Industries of the Philippines Inc. president Vicente Mills Jr. told reporters that vehicle sales in the country may reach 500,000 units next year.
"The growth factors are the election, plus interest rates are starting to go down," he said.
The Philippines is set to hold midterm elections on May 12, 2025 and the automotive industry expects to benefit from campaign-related spending.
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