DESPITE the economic uncertainties brought about by soaring prices of crude oil, there is no stopping Filipinos from buying motor vehicles.
In a date released a few weeks ago by the National Statistical Coordiation Board, Filipinos bought more cars, motorcycles and other vehicles despite the hard times.
The total volume of registered motor vehicles hit 5.523 million at the end of the year 2007, which is 191,792 units or 3.6 percent more than the 5.332 million sold in 2006.
The data, culled from the number of vehicles registered at the Land Transportation Office, include all types of vehicles such as cars, utility vehicles (including vans and jeepneys), sports utility vehicles, trucks, buses, motorcycles, tricycles, trailers and others.
The growth in the number of registered vehicles slowed from the 5.8 percent increase registered in 2006, after the Supreme Court affirmed its decision prohibiting the importation of used vehicles last year.
A total of 4.553 million (82 percent) are private vehicles while 886,540 units or 16 percent are for hire. The rest are government and diplomatic units.
Data showed that the volume of newly-registered units grew 9.6 percent to 857,171 in 2007 while renewed permits totaled 4,666 million or a 2.6 percent growth. Journal online