Auto sales pick up in Malaysia & Thailand, but are hit by scandal shock in Philippines

Auto sales trends in Southeast Asia have been quite country-specific, despite the energy shock hitting drivers in oil-importing countries.

In Thailand, the sector is moving past the trough of a credit-driven downturn (unlike the housing market, which is still struggling). Auto loans were in outright contraction, though that has now moderated.

In Malaysia, vehicle registrations (a high-frequency proxy for auto sales) are rebounding; near-full employment encourages banks to make car loans. And in the Philippines, the problem is the government rather than the consumer: a corruption scandal has had a chilling effect on state projects and fleet replacement.