Big jump in RP car sales

The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) reported that car sales from January to October 2010 was 33 percent higher than their year ago level., showing 141,218 new cars were sold over the last 10 months.

This big jump can be explained by improving economic conditions of the country, and by the effects if super-typhoons “Ondoy” and “Pepeng” last year where thousands of cars and other vehicles were destroyed by the severe flooding. Those two strong typhoons affected Metro Manila and many provinces south and north of it. 

 There are several economic indicators aside from quarterly GDP growth, that point to improving economic conditions. One is the ever-rising OFW remittances, projected to reach $19 to 20 B this year, from $17.35 B last year. Second is the stockmarket index breaking the 4,000 level and piecemeal rising. Third is the reduction in unemployment and underemployment rate as of July 2010 labor force survey.

The conduct of a generally peaceful and credible elections last May has removed short-term political uncertainties. People and businesses have the momentum to focus on creating various goods and services for their consumers.

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