Sales of imported vehicles grew 12 percent in February from the same month a year ago, a sign of hope after a difficult 2018.
The Association of Vehicle Importers and Distributors, Inc. (AVID) said in a statement on Thursday that vehicle sales reached 7,876 units in February from 7,017 units in the same month last year.
Sales for the first two months, however, were still below last year’s level by 8 percent to 14,499 units from 15,712 units sold in the same period in 2018.
“We are encouraged by the good sales performance of AVID for the month which signals stronger consumer confidence as well as preference for top-notch products,” said AVID President Ma. Fe Perez-Agudo.
“While we are still in the early part of the year, we have gotten over the hump and expect a robust recovery for the automotive industry,” she added.
Higher excise taxes under the Duterte administration, coupled with high inflation rates dampened the demand of Filipino consumers for new vehicles last year.
AVID is composed of 17 companies that represent 26 global brands such as Audi, Porsche, Mercedes Benz, Hyundai, Chevrolet, and Subaru.