NEWSFLASH

---

CAR SALES PLUNGE BY 47%, TOYOTA TOPS MARKET

Manila, April 14, 1998 - Sales of passenger cars in the first quarter of the year plunged to 11,133 units, a 46.86% decline from 20,950 units sold in the same period last year.

Data gathered by the car manufacturing industry showed that in March, only 3,126 units were sold, or less than half of the 7,064 units sold in the same month last year.

Industry officials say the foreign currency crisis has forced consumers to postpone purchases of new cars until the interest rates shall have settled down to a more tolerable level.

Toyota remained the industry leader with total sales from January to March of 3,050 units, a figure still 19 percent less than the 3,760 Toyota cars sold in the first quarter of 1997.

Toyota cornered a 27% share of the market in the first quarter of this year, followed by Honda with 22%, Mitsubishi with 18%, Nissan with 13%.

Of the luxury cars, Volvo sold 83 units, Mercedes Benz sold 92, and BMW sold 106 units.

---