PHL's Q1 imported car sales jump 38% 

Sales of imported cars in the Philippines soared 38 percent to 8,298 units in the first quarter from 6,034 a year earlier, lifted by passenger cars, the Association of Vehicle Imports and Distributors (AVID) said Monday.   The number of passenger cars totaled 5,202, a 95-percent surge from 2,674 in the same comparable period, the association noted.   "Moving along a predominantly optimistic business and economic scenario, AVID members' sales performance remains on an upswing,” association president Ma. Fe Perez Agudo said in a statement.   In March alone, 1,621passenger cars were sold, up 99 percent from 813 year-on-year.   “We anticipate this trend to continue as we move into the second quarter of 2012," said Agudo.   March sales went for all segments grew 31 percent to 2,791 units from 2,123, with Hyundai Asia Resources selling the highest number of units.   The official distributor of South Korea’s Hyundai sold 37 percent more vehicles at 2,245 from 1,622.   The Covenant Car Co. Inc. (Chevrolet) sold 294 from 228, Motor Image Pilipinas (Subaru) sold 124 from 105, PGA Cars (Porsche) sold 35 from 25 and British United Automobiles (Mini) sold 17 from nine.   However, sales of CATS Motors (Mercedes Benz) dropped 44 percent to 58 units from 103, and Scandinavian Motors (Volvo) by 10 percent to 18 from 20, according to AVID records.     While keeping a positive eye on future sales, Agudo said demand would depend on such factors as fuel prices, availability of jobs, salary increases, government policies on good governance, sustained investment inflows and the appreciation of the peso.   She said Asian Development Bank's revised Philippine economic forecast showed the economy could grow 4.8 percent in terms of gross domestic product. —VS, GMA News