The Republic of Philippine consists in a large archipelago made up of 7,107 islands favorably located in the Southeast Asia's Pacific Ocean. The country is Member of ASEAN. With 103 millions people (12th globally) and a crowd capital in Manila (11 million citizens) the country is not yet able to sustain all population and large emigration process is still relevant. With a purchase power parity GDP of $ 390 billion (2011 est.) Philippine is the 33rd global economy with huge growing potential. Pro capita revenue of $ 4.100 is one of lowest globally and level of poverty is still very high (1/3 of people). On this the effects of natural floods have a relevant part.
The country economy is based on domestic consumption and large remittance from 45 millions people emigrated. Exports are low compared with the rest of South Asian regions. Government is working to reduce public debt (now at 50% of GDP) to increase sovereign debt ratings and provide incentives global capital joining the country for new investments.
The Philippines car market is booming an never before. March 2013 sales were up 48.1% and the first quarter ended with sales 40.2% above last year. The market is projecting the new all-time record. A great news for Toyota, able to gain 35% of share.
Following the strong sales increase posted during the 2012, the Philippines car market posted an outstanding start of the year, with sales increased by 36.0% in the first two months of the year. Honda and Nissan started the year with huge sales increase.
The Philippines car market momentum continued in the last quarter of 2012 and the final year sales grew at the new all-time record, up 20.9% from last year. Japanese brands lead the market with Toyota at 35% of market share.
The Philippines car market momentum continued in September with the 2.9% increase, the 6th year-on-year increase in a string. Year-to-date September sales were up 11.1% from last year. Toyota dominates the market, with the Vios at 10% of share.
The Philippines car industry achieved its sales record in the 1996, with 162.505 units. Already the following year, when a sharp financial crisis hit South Asian countries the market started to decline. In two years the industry declined at 73.000 units.