Vehicle importers and distributors in the country posted a 5-percent growth in sales to 22,785 units in the first nine months of the year.
According to the Association of Vehicle Importers and Distributors (Avid), the growth was boosted mainly by the strong performance of the light commercial vehicle (LCV) segment.
Data from Avid showed that sales of LCVs rose by 25 percent to 11,020 units from January to September from 8,832 units a year ago.
“The LCV segment’s momentary supply stricken hiccup did not derail it (from having] a stellar performance,” Avid said.
Passenger car sales of Avid members, however, fell by 9 percent to 11,765 units in the same period.
For September, alone, total vehicle sales of Avid members rose by 18 percent to 2,227 units from only 1,887 units a year ago.
The LCV segment registered a 1-percent decline in sales to 997 units in September, while passenger car sales grew by 39 percent to 1,230 units.
Avid remained bullish for the rest of the year, as the Philippine economy continued to grab international limelight with yet another rating upgrade from Moody’s Investor Services.
“With Moody’s completing the Philippines’ investment grade rating trifecta, this positive development for the country means well for Avid as we continue to strive for excellence in providing only the best for Filipinos this blessed season,” noted Avid president Ma. Fe Perez-Agudo.
Avid further noted that as the “nation soars to investment grade status, the resurgent Philippine economy is here to stay as an upgrade leads to higher investments, lower borrowing costs and job creation.”
“With the upbeat Philippine economy and improving investor sentiments, the dynamic business landscape in the country continues to be favorable to the automotive industry,” Avid said.