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.