The Association of Vehicle Importers and Distributors Inc. (AVID) on Thursday reported an optimistic outlook for the imported vehicle market, as members collectively posted double-digit sales growth in the first half.
In a statement, AVID said first-semester sales rose by 28 percent to 15,799 units from 12,324 units in the same period last year.
At that rate, AVID said, its sales outpaced overall industry growth of 7 percent.
“As AVID enters the second semester, we expect a more upbeat outlook toward the end of 2012, strengthened by stable macroeconomic fundamentals and continuing brand management efforts. We believe that sales will remain resilient against global economic challenges,” AVID president Ma. Fe Perez-Agudo said.
The passenger car segment, alone, posted a 59-percent sales growth in the same period to 9,530 units from 6,007 units a year ago, Agudo said.
In June, total sales by AVID members rose 9 percent year on year to 2,912 units from 2,666 units in the same month last year, AVID said.
During the month, Hyundai Asia Resources Inc. sold 2,356 units; TCCCI, 248 units; Motor Image Pilipinas Inc., 168 units; CATS Motors Inc., 97 units; Scandinavian Motors, 23 units; and British United Automobiles Inc., 20 units.
The 2011 figures were net of sales of Motor Image since the company joined AVID only in December 2011, the industry group said.
The group said the positive outlook on the Philippine economy was reaffirmed by a credit rating upgrade by Standard & Poor’s, to BB+ from BB. This rating reflects the gradual easing of fiscal vulnerability amid global economic uncertainty, it said.
Economists expect that economic growth will continue to be supported by strong domestic consumption and the projected improvement in the country’s export performance.
A low inflation environment will also continue to be favorable as it stays within the 3- to 5-percent target range.