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Philippines Vehicle Sales Rose 20% To 12,761 Units In October

MANILA -(Dow Jones)- Philippine vehicle sales rose 20% in October from a year earlier, bolstered by aggressive marketing and low-cost financing, an industry report released Monday show.

A joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association showed that sales in October totaled 12,761 units compared with 10,624 units in the same month last year. Passenger cars sold in October gained 11% to 4,298 units while trucks sales increased 26% to 8,463 units.

In the 10 months to October, total sales reached 106,146, up 1.3% from 104,757 in the year-earlier period. The target set by the industry for the year is 125, 000 units, the most since the 1997-1998 Asian financial crisis.

"The industry is optimistic that it will hit its minimum target of 125,000 units sold for the year," said CAMPI President Elizabeth Lee in a statement.

"Auto players have aggressively offered a wider product line coupled with low cost financing packages to help buyers purchase their vehicles. The goal is to sustain sales," she added.

-By Cris Larano, Dow Jones Newswires; 632-848-5051; cris.larano@dowjones.com

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