We just finished our national elections. In just few months, Rodrigo “Rody” Roa Duterte will sworn as the 16th President of the Republic of the Philippines. Despite of heavy political campaign last month, the country’s economy still managed to be healthy and positive amidst the global economy slowdown. This positive outlook is supported by the upwardly adjusted forecast of debt watcher Standard & Poor’s (S&P) which raised its economic growth forecast for the Philippines for 2016 to 6-percent from 5.7-percent.
The Association of Vehicle Importers and Distributors (AVID) reported an industry growth in first quarter of 2016 in the auto sector posting a 151-percent growth, bringing the year-to-date sales tally to 21,160 units.
According to AVID, the sales of Passenger Car (PC) segment increased by 81-percent with 7,609 sold in first quarter versus the 4,205 units sold recorded in first quarter of 2015. In comparison, quarter-on-quarter figures also grew by 13-percent, which led by Korean carmaker Hyundai with 5,186 units sold.
In the Light Commercial Vehicle (LCV) segment, sales went up by 220-percent to 13,551 units compared to the 4,229 units from the same period last year. Meanwhile, American carmaker Ford takes the largest share of expansion with 4-percent quarter-to-quarter sales performance.
In her statement, Association of Vehicle Importers and Distributors, Inc. (AVID) President Ma. Fe Perez-Agudo, said, “The Philippines continues to be Asia’s bright spot, AVID registered a triple-digit growth of 151-percent in first quarter 2016. This growth will further motivate AVID to give customers value-laden and pioneering products and services, which drive at the hearts of the Filipino people.”
With attractive financing terms and upbeat PH economy prospects, AVID believes that auto industry is poised to keep its upward trend in the upcoming months.