MANILA, Philippines — Vehicle importers improved their performance in February as sales grew 12 percent from last year on improved consumer demand for automobiles.
In a statement yesterday, the Association of Vehicle Importers and Distributors Inc. (AVID) said total sales from its members reached 7,876 units in February, up from 7,017 units a year ago.
AVID attributed the growth in sales in February to increased consumer spending and the rollout of new products.
“We are encouraged by the good sales performance of AVID for the month which signals stronger consumer confidence as well as preference for top-notch products. While we are still in the early part of the year, we have gotten over the hump and expect a robust recovery for the automotive industry,” AVID president Ma. Fe Perez-Agudo said.
The group’s passenger car (PC) segment slowed slightly as sales hit 2,843 units in February from 2,881 units the previous year.
Sales in the light commercial vehicle (LCV) segment, meanwhile, climbed 22 percent to 4,905 units in February from 4,028 units last year.
While total sales increased year-on-year in February, AVID sales in the first two months of the year were still down eight percent to 14,499 units from 15,712 units in the same period a year ago.
PC sales fell 15 percent to 5,140 units as of end-February from the previous year’s 6,065 units.
The LCV segment dipped three percent to 9,146 units as of end-February from 9,434 units last year.
Even as sales for the first two months are still lower compared to last year, AVID is hopeful of posting better overall performance this year.
“We are seeing an upturn in all major segments which augurs well for AVID in the coming months. Initial indications point to the fact that the Philippine economy is poised for improved performance in 2019. We aim to ride this wave of growth,” Perez-Agudo said.
Last year, total AVID sales dropped 17 percent to 88,700 units from 106,285 units in 2017 as higher taxes slapped on vehicles under the government’s tax reform program dampened demand.