RP auto sales down 12.5%

RP auto sales down 12.5%

MANILA (AFP): Passenger car sales in the Philippines fell 12.5 percent from a year earlier to 70,732 units in the 11 months to November amid tighter credit, an industry association said yesterday.

November sales fell 31.6 percent from a year earlier but rose 0.7 percent from a month earlier to 4,795 units, the Chamber of Automotive Manufacturers Inc. said.

The industry blamed the lower sales to "increased interest in retail financing" as well as banks' selective approval of loans and increased requirements on down payments.