The Association of Vehicle Importers and Distributors (AVID) registered a 103-percent sales growth by posting 45,420 unit sales in the first half of 2016, up from 22,371 units in same period of 2015. The second quarter 2016 sales alone expanded by 74 percent with 24,260 units compared to 13,296 units of the previous year.
Passenger car (PC) sales reached 16,618 units for an 87-percent rise from the 8,876 units recorded in the first semester of 2015. Second quarter PC sales was even more phenomenal as the group recorded a 93-percent growth primarily driven by Hyundai with 6,021 units sold.
The light commercial vehicle (LCV) segment, on the other hand, surged by 113-percent in first half of the year with 28,802 units versus 13,495 units from the same period last year. This growth is largely boosted by 16,054 units sold by Ford that joined AVID in May 2015. In the second quarter of 2016 alone, the group managed to sell 15,251 units that is 65-percent higher compared to the figures recorded last year.
“AVID sales surged by 103-percent in the first half of 2016 hinging on the entry of new, innovative and reasonably-priced models. This growth will likely be the trend in the remaining months of 2016 with AVID’s value-packed products, attractive incentives, and unparalleled service,” said AVID president Ma. Fe Perez-Agudo.
Anchored on sound macroeconomic fundamentals, the Philippines economy significantly grew by 6.9 percent in the first quarter of this year that is the highest since the second quarter of 2013. This makes the country the fastest growing economy in the region. This growth was mainly investment-driven from the demand side and fairly broad-based in terms of supply side. Gross domestic product growth is expected to sustain its momentum as the new administration vowed to continue macroeconomic policies implemented by the Aquino administration.
Externally, the heightened regional tensions coming from the recent arbitration ruling that favored Philippines over China on competing claims in the West Philippine Sea will likely keep key investors and markets on their toes. Nonetheless, auto purchases are seen to be tilted on the upside in light of increased consumer confidence and attractive roster of products.