Consumer loans help increase motorcycle sales in Q1 2023

Consumer loans help increase motorcycle sales in Q1 2023

CONSUMER loans have contributed to the increase in motor vehicle sales in the first quarter of 2023, according to the latest data from the Bangko Sentral ng Pilipinas (BSP).

Over 400,000 motorcycles have been sold from January to March, according to the Motorcycle Development Program Participants Association Inc. (MDPPA).

This translates to a sales growth of 16.7 percent from the same period in 2022.

According to BSP, consumer loans to residents rose by 21.3 percent in March, reaching P1.05 trillion, with an expansion in credit card, motor vehicle and salary-based general-purpose consumption loans.

Credit card loans reached P570.359 billion, followed by motor vehicle loans which reached P334.408 billion, salary-based general-purpose consumption loans at P123.825 billion, and other loans at P23.728 billion. Outstanding loans by banks rose by 10.1 percent in March to P10.762 trillion from P9.777 trillion in March 2022.

Data from the MDPPA showed that Honda, Kawasaki, Suzuki and Yamaha sold 447,429 motorcycles between January and March 2023, only 3,500 units short of the 451,103 pre-pandemic figure in 2019.

Broken down, the MDPPA said around 149,000 motorcycles were purchased by Filipinos per month during the first quarter this year, compared to 127,000 units sold per month in the same period in 2022.

“This makes the three-month totals of 2023 the best-recorded sales in comparison to the first quarters of the three previous pandemic years, including 2020, 2021 and 2022,” the MDPPA said in a statement. It noted that motorcycles continue to be the most convenient mode of transportation among Filipinos.

MDPPA president Boying Mojica said the industry forecasts a 10 percent conservative growth amid the global economic headwinds like the possible recession in the US and other regions.

He said that if the existing business landscape prevails, there is no doubt that the recorded sales of 1.7 million units in 2019 may be surpassed.

The automatic category or scooters accounted for 60 percent of the total first quarter sales this year, with 269,652 units sold because of their easy-to-operate controls. This was followed by business units used for commercial purposes, which accounted for 18.6 percent of the total sales, with 83,616 units sold.

Meanwhile, mopeds or underbone motorcycles accounted for 17.2 percent of the total sales due to their affordability, with 77,152 units sold.

The street and big bikes, commonly used for leisure and off-road adventures, accounted for the remaining four percent with 17,000 units sold.


No stories found.

Just in

No stories found.

Branded Content

No stories found.
SunStar Publishing Inc.