‘Car sales recovery a good sign’

THE sales recovery seen in the automobile industry last month is a sign that economic conditions in the country are improving, according to an economist.

“With inflation falling back within target, and with the BSP (Bangko Sentral ng Pilipinas) initiating the first round of rate reductions in May, we’ve seen an improvement in vehicle sales as purchasing power has been restored somewhat and financing costs have begun to ease,” ING Bank Manila Senior Economist Nicholas Mapa said on Friday.