Hyundai Asia Resources reports sales up 54% in Feb.

Hyundai Asia Resources Inc. (HARI) on Wednesday reported sales grew 54 percent to 2,369 units in February from 1,538 a year earlier, boosted by strong sales in passenger cars.   Passenger car sales soared 149 percent to 1,695 units from 682 in the same comparable period, propelled by the Hyundai i10, Accent and Elantra models.   "We anticipate our strong sales performance to be sustained by favorable consumer outlook, the introduction of new models, and consistent brand promotion efforts," HARI president and CEO Maria Fe Perez Agudo said in a statement.   In the first two months of the year, total sales rose by 47 percent to 4,522 units from 3,079 a year earlier, largely driven by the passenger car segment — which grew 116 percent to 2,981 units from 1,380.   In an interview with reporters last December, Agudo said HARI intends to bring into the Philippine market this year the compact Eon model — Hyundai’s smallest car — made in India.   HARI is eyeing young adults and professionals for the Eon, she added.   The Veloster and the Santa Fe will also roll out of  HARI showrooms this year, possibly during the Manila International Autoshow in the last week of March.   The company said its dealership expansion program, starting in the middle of 2012, will raise the number of HARI outlets to 45 from 39.   Car companies are bullish about the Philippine economy, expecting stronger demand and sales for 2012.   Agudo noted the 7.2 percent increase in remittances by overseas Filipino workers to more than $20 billion last year, and the 5 percent forecast in the growth of money transfers this year.   One of these is the 7.2-percent growth of overseas Filipino remittances, which broke the $20-billion barrier. For 2012, remittances are seen to grow further by 5 percent, according to the HARI president.   Automobile companies are also keeping an eye on Philippines’ international reserves — which widened to a record $77.8 billion in February — and consumer spending after inflation eased to a 2.7 percent last month.   These are the things that point to a stable economy and keep the Philippines cushioned from the impact of global economic uncertainty, while keeping consumer confidence high, Agudo noted. — VS, GMA News