MANILA, Philippines (Xinhua) - The Philippines imported 2,615 cars in May, up 16 percent from 2,255 units in the same month of last year as a result of improved economic prospects and higher spending capacity, a car dealer said today.
The Association of Vehicle Importers and Distributors (AVID) said that while passenger car sales dipped by 7 percent to 1,378 units, sale of light commercial vehicles went up by a hefty 59 percent to 1,237 units.
Year-to-date (YTD) sales, on the other hand, posted slower growth, with 12,898 units sold for the first five months, compared to 12,888 units in 2012.
Subaru and Chevrolet registered the sharpest rise in the group with both brands registering remarkable growth in light commercial vehicle sales.
The car group expects higher sales in June, borne by historical sales data, widely available credit at very competitive rates and heightened promotional activities of member-brands.
Industry outlook for the rest of 2013 remains optimistic given the positive string of macroeconomic developments, AVID said.
The group is hoping that the country's phenomenal economic growth in the first quarter will help the car sector reach its maximum potential for the year.