MANILA, Philippines - The Association of Vehicle Importers and Distributors (AVID) experienced an 8% year-on-year growth in March 2013, with 3,027 units being sold during the month against 2,792 units in the same period last year. Light Commercial Vehicles (LCV) led the way, expanding by 23% with 1,435 units sold versus 1,170 units in March 2012. Passenger Car (PC) sales, meanwhile, dropped by a modest 2%, ending the month with 1,592 cars sold against 1,622 units during the same stretch a year ago.
Month-on-month performance, meanwhile, is nothing but stellar for both segments as Passenger Cars (PC) grew by 52.6% while Light Commercial Vehicles (LCV) netted a 10.8% growth over February 2013. Stand out performers for the period were Motor Image Pilipinas, CATS Motors, and Hyundai Asia Resources, Inc.
“On the back of positive economic and consumer expectations, AVID’s thrust for innovation shall continue to shine at the forefront of the automotive industry with our line-up of cutting edge vehicles and premium customer service,†Ma. Fe Perez-Agudo, president, Association of Vehicle Importers and Distributors, Inc. (AVID), said in a statement.
As the Philippines is experiencing yet another growth milestone with the country’s first-ever investment grade rating by Fitch Ratings, overall economic and industrial growth is seen to continue on throughout the year anchored on strong economic fundamentals, positive consumer and business sentiments, accelerated government infrastructure projects, as well as an expected influx of new foreign direct investments.
With the stream of good news being directed the country’s way, the local automotive sector is seen to continue on posting strong growth numbers throughout the year.