Imported vehicle sales up 46% in Feb

MANILA, Philippines - Sales of imported vehicles in February rose 46 percent to  2,881 units from the 1,971 sold in the same period last year, driven by strong sales of passenger cars (PC), the Association of Vehicle Importers and Distributors (AVID) reported yesterday.

AVID member do not have any local production but import completely built up units. 

In a statement, AVID said PC sales in February rose 117 percent to 2,025 units from the 934 units sold in February of last year. AVID said the arrival of new models and steady supply of units to meet strong consumer demand increased sales in February. 

Sales grew 41 percent in the first two months of the year to 5,507 units in February from 3,911 units in the same period last year.  

British United  Automobiles Inc. sold 16 units in February, up by three units from 13 in the same period last year; CATS Motors 60 units, down by five units from 85; Hyundai Asia Resources Inc. 2,369 units, up by 831 from 1,538; PGA Cars 25 units, down by 11 from 36; Scandinavian Motors 20 units, down by five from 25; Motor Image Pilipinas  73 units, down by 31 units from 104; and The Construct Car Company Inc. (TCCCI) 318 units, up by 148 units from 170. 

 “On the back of continuing positive consumer outlook, favorable macroeconomic landscape and aggressive marketing campaigns, we expect our strong sales performance to be sustained in the next quarters.” said AVID president Ma. Fe Perez-Agudo. 

AVID said Philippine businesses continue to be optimistic for the year ahead because of increased government spending, business expansion resulting from steady investment inflows, sound macroeconomic fundamentals and improved business outlook in the US, Germany and India. 

“The continued strengthening of the country’s macroeconomic fundamentals will ensure stability and growth in 2012. All bodes well for consumer spending, with overseas Filipino remittances reaching an all-time high of $20.1 billion in 2011,Philippine banks being given a “stable” outlook by Fitch Ratings last Feb. 2, inflation at a low point of 2.7 percent, and an additional 25 basis point reduction of the BSP key policy interest rates in March,” AVID said in the statement