Vehicle importers in the country posted a 17-percent drop in sales in to 88,700 units in 2018 from 106,285 units during the previous year. The Association of Vehicle Importers and Distributors (AVID) reported that sales of both passenger car and light commercial vehicle segments were down last year by 22 percent and 14 percent, respectively.
AVID members sold a total of 30,960 units of passenger cars last year from 39,721 units in 2017.
Light commercial vehicle sales slowed down to 57,027 units last year from 66,564 units in 2017.
AVID President Ma. Fe Perez-Agudo cited headwinds that challenged the market last year such as the high inflation rate, rising borrowing costs, increasing oil prices, and the new excise tax on automobiles.
Despite the decline last year, the vehicle importers’ group is optimistic about its outlook for 2019, as the economy is expected to grow above 6 percent, inflation is seen to slow down, and the central bank is projected to loosen its monetary policy.
With this, AVID forecasts the industry to grow by 10 percent this year.
“With new product launches and economic pressures seen abating moving forward, AVID expects that the industry will recover from the sales slump in 2019,” Perez-Agudo added. (PNA)
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
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