PHILIPPINE automotive importers recently announced they have posted slight gains in their vehicles’ sales in the first seven months of 2013.
In a statement, the Association of Vehicle Importers and Distributors (Avid) said that its figures have improved 1 percent—from 18,018 units sold in 2012 to 18,147 vehicles delivered from January to July this year.
The group’s sales of light commercial vehicles—mostly SUVs—rallied the growth after the segment posted a 26-percent rise, from 7,112 vehicles delivered for the January-to-July period last year to 8,980 units rolled out in the same period in 2013.
Avid’s sales rose despite the 16-percent slide of the passenger car segment, which fell to 9,167 units sold for the January-to-July 2013 duration from 10,906 units in the same period last year.
Avid President Fe Perez-Agudo is confident that the country’s automotive sector is on its way to higher growth.
“The Philippine automotive industry is set to soar alongside the country’s condition as improving investor sentiments contribute to an increasingly robust domestic economy,” she said, adding that the Philippines is expected to “outpace its neighboring counterparts and maintain the economy’s recent momentum by growing 6 percent to 7 percent by year’s end, anchored on strong domestic consumption and improving investor sentiment evidenced by Foreign Direct Investments (FDI) soaring by 61.6 percent in April.” This, according to Perez-Agudo, comes despite the “snail pace recovery of developed economies on top of gloomy global economic conditions.”
“With the country’s rosy outlook and an impending fourth investment grade rating upgrade from international credit rating agency Moody’s, the local automotive industry is set to grow alongside and make a dynamic contribution to the growing economy as demand for vehicles continue to rise,” the Avid chief explained.