The Association of Vehicle Importers and Distributors Inc. (AVID) posted a 31-percent growth in vehicle sales to 10,633 units in the first four months of the year, from 8,119 units a year ago.
In a report, AVID said the passenger car segment fueled the growth in the four-month sales of its member-companies. Sales of passenger cars surged by 85 percent to 6,527 units in the first four months from 3,526 units in the same period last year.
For April alone, vehicle sales of AVID members grew by 12 percent to 2,333 units, compared to 2,085 units in April 2011. This was fueled by the 55-percent increase in the sales of passenger cars to 1,324 units from 852 units a year ago.
“We step into the second quarter with the confidence that the optimistic business and financial landscape will bring about continued and exceptional sales performance for all AVID members,” noted AVID president Maria Fe Perez-Agudo.
AVID is expecting that the strong performance will continue until the end of the year, given the business community’s bullish economic outlook.
Citing reports, AVID pointed out that as the second quarter started, overall consumer sentiment remained positive.
“The Philippines placed in the top 11 of the most optimistic countries in the world according to Nielsen’s Global Consumer Index survey. The Philippine economy is expected to beat the 3.7 percent GDP growth of the previous quarter,” it added.
“Accelerated government spending on infrastructure projects and renewed investor confidence manifested in the 154-percent surge in foreign direct investments will sustain growth amid global economic concerns and the debt crisis in Europe,” AVID further said.—Amy R. Remo