MANILA: Philippine Sales of vehicle importers and distributors in the country registered a triple digit growth in the first quarter of the year on continued robust demand across vehicle segments.
The Association of Vehicle Importers and Distributors (AVID) said yesterday the group’s sales in the first three months of 2016 zoomed 151 percent year-on-year to 21,160 units.
“As the Philippines continues to be Asia’s bright spot, AVID registered a triple-digit growth of 151 percent in first quarter 2016. This growth will further motivate AVID to give customers value-laden and pioneering products and services, which drive at the hearts of the Filipino people,” AVID president Ma. Fe Perez-Agudo said.
Sales of the passenger car segment increased 81 percent to 7,609 units from 4,205 units during the same period in 2015.
Quarter-on-quarter figures for the segment likewise grew 13 percent, led by Hyundai with 5,186 units sold, AVID reported.
Sales of the light commercial vehicle segment, on the other hand, significantly went up 220 percent to 13,551 units from last year’s 4,229 units.
In terms of quarter-on-quarter sales performance, the segment gained four percent with Ford taking the largest share of the expansion.
“The Philippines is expected to maintain its healthy economic track record on the back of sound macroeconomic fundamentals amidst the global economy slowdown. Private consumption will continue to drive GDP growth due to the healthy demographics of the fast-growing middle class. This will be further bolstered by election-related spending and infrastructure projects,” AVID said.
“Given the attractive financing packages and upbeat Philippine economic prospects, the auto demand is poised to keep its upward trend in the coming months,” the group added.
