Vehicle importers in the Philippines on Monday announced strong sales for the first quarter of the year, posting double-digit growth in the year to date.
The Association of Vehicle Importers and Distributors (AVID) sold 9,005 vehicles during the first three months of 2014 – a 13 percent rise over the 7,990 units delivered in the same period last year.
Last month’s sales reached 3,189 units, indicating a 19 percent jump from 2,675 units rolled out in February. Data also showed a 5 percent improvement over the 3,027 units sold in March 2013.
Sales in the first three months were driven by the solid performance of both the light commercial vehicles (LCV) and passenger cars (PC) segments, which posted a 13 percent surge each.
The PC segment sold 4,558 units in the three-month period, versus 4,016 in the same period last year. LCVs had 4,497 units rolled out so far in 2014, compared with the 3,974 units a year earlier.
For March alone, LCVs sold a total of 1,621 units, reflecting 19 percent growth.
Meanwhile, passenger cars registered a 20 percent increase, ending the month with total sales of 1,568 units, against 1,311 units sold in February.
AVID president Ma. Fe Agudo said she believes their group will have a fruitful year ahead.
“With AVID finishing the Q1 race on an upswing, we remain committed to set another banner year in 2014 strengthened by the group’s collective pursuit for sustainable growth and thrust for innovation,” she said.
Agudo also said the automotive industry expects to post strong sales toward yearend on the back of the country’s robust economy.
She said the Philippine economy is heralded as Asia’s next tiger according to the World Bank. “Other international institutions echoed the same confidence in the Philippine economy as evidenced by consecutive growth upgrades from the International Monetary Fund, the Asian Development Bank and the Standard and Poor’s.”
“In 2013, the Philippine economy placed second to China in terms of growth in Asia with its 7.2 percent GDP growth. The country’s growth momentum is expected to be sustainable and on track the government target of 6.5 to 7.5 percent this year,” she said.
“The improving economic landscape continues to propel growth in the automotive industry. By year-end, car sales are expected to hit double-digit growth on the back of more aggressive marketing campaigns, brisk consumer demand and improving purchasing power,” Agudo added.