MANILA -- Sales of imported vehicles in the country fell 11% to 4,928 units in January and February from the same period a year ago as demand for passenger cars waned, the Association of Vehicle Importers and Distributors Inc. (AVID) said Friday.
The 33% decline in sales of passenger cars did not offset the 31% growth in sales of light commercial vehicles, AVID said in a statement.
For the month of February alone, units sold went down by 20% to 2,303 from the same month a year ago, still due to a slowdown in sales of passenger cars.
But AVID President Ma. Fe Perez-Agudo remained confident the automotive industry will grow amid the buoyant Philippine economy.
"Against a sustained positive economic backdrop, AVID is set to end Q1 (first quarter) in fighting form, ready to take on even fiercer competition and other external challenges with each member's signature powerhouse portfolio of vehicles and inimitable customer service," Agudo said in the statement.
AVID is made up of British United Automobiles Inc., CATS Motors, Hyundai Asia Resources Inc., PGA Cars Inc., Scandinavian Motors Corp., Motor Image Pilipinas Inc., and The Covenant Car Company Inc.