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(From Philippine Daily Inquirer)
Byline: Michelle V. Remo
THE AUTOMOTIVE industry headed for a slow start, with vehicle sales declining by 5 percent in January due to the depreciation of the peso and increases in production cost.
According to a joint report of the Chamber of Automotive Manufacturers of the Philippines (Campi) and the Truck Manufacturers Association, vehicle sales last month stood at only 6,518 units, or lower than the 6,880 recorded in the same period last year.
The decline was brought about mainly by the drop in the sales of commercial vehicles, which represent 63 percent of the vehicle market. Campi said that from 5,045 …