Car Sales Jump 25% in Philippines

Sales of new passenger vehicles in the Philippines zoomed 25% to surpass 370,000 units last year, The Nikkei reports.

Total car sales in the Philippines are estimated by combining data reported by car and truck manufacturing associations and figures from non-affiliated carmakers.

Demand has been aided by a strong economy and relatively low interest rates on auto loans. The Nikkei says the Philippines currently is the third-fastest-growing car market in southeast Asia after Singapore, where sales are up 50%, and Vietnam, with a 32% increase.