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MANILA, Philippines–Vehicle importers and distributors chalked up a 26-percent increase in sales to 3,032 units in August, driven by the stellar performances of the passenger car (PC) and light commercial vehicle (LCV) segments.
As a result, total vehicle sales of the Association of Vehicle Importers and Distributors Inc. (Avid) for the first eight months of the year reached 23,970 units—17 percent higher than the 20,558 units sold in the same period last year.
Data from Avid showed that, from January to August, the passenger car segment posted a 17-percent rise in vehicle sales to 12,347 units, from the 10,535 units sold a year ago. The light commercial vehicle segment also enjoyed a 16-percent growth in sales to 11,623 units for the same period.
“The country’s sustained economic growth points to a continued rally in the automotive industry,” said Avid president Ma. Fe Perez-Agudo.
Avid is bullish about the prospects of the automotive industry, which is anchored on improving consumer sentiment and higher auto-buying intentions, she added.
Avid cited the resilience of the Philippine economy, particularly when the country’s GDP rebounded to 6.4 percent in the second quarter coming from a sluggish start of 5.7 percent in the first quarter.
The country has also repositioned itself as one of the fastest-growing economies in Asia, backed by robust domestic demand, revived manufacturing sector and improved business environment, the group explained.
Hyundai Asia Resources Inc. (Hari) remained Avid’s top seller in the first eight months of the year, with sales hitting 15,676 units. Chevrolet distributor The Covenant Car Co. Inc. was the group’s second strongest performer with sales reaching 5,389 units during the same period.
Other Avid members include Motor Image Pilipinas Inc. (which sold 2,012 units from January to August); Mercedes Benz importer CATS Motors (495 units); Porsche and Audi distributor PGA Cars Inc. (199 units); Mini distributor British United Automobiles (122 units); and Volvo importer Scandinavian Motors Corp. (77 units).