Sales of imported cars in PHL up 16% in Oct. – AVID

The number of imported cars sold in the Philippines grew by 16 percent last October on the back of strong sales of light commercial vehicles.

 

In an e-mailed statement Tuesday, the Association of Vehicle Importers and Distributors (AVID) said its members sold a 2,589 units in October from 2,241 in the same comparable period last year.

 

The sales performance last months was driven by a 31.4 percent growth in the number of light commercial vehicles sold, while passenger cars registered a 4 percent increase in sales.

 

In January to October, sales picked up by 6 percent to 25,374 units from 24,004 year-on-year.

 

For the whole of 2013, AVID is banking on a steady influx of remittances from overseas Filipinos and sustained strength of the business process outsourcing sector to further grow the car industry.

 

The association noted that spending traditionally go up during the holiday season which is just around the corner.

 

“While our country recovers from the socio-economic impact of Yolanda, we remain confident that the automotive industry will continue to demonstrate its resiliency and adaptability to changes and solidify its long-term sustainability goals," president Ma. Fe Perez-Agudo said in a statement. – Danessa Rivera/VS, GMA News