An anticipated stable supply condition on top of the frenzied election spending and a rosy economic outlook gave car importers something to look forward to in 2013.
And just that, a forecast of 10 percent growth in car sales in the Philippines could yet be realized.
A group of automotive industry players in the country, Association of Vehicle Importers and Distributors (Avid), believes the 10 percent forecast is both conservative and doable.
Avid is one of the two major car industry groups in the country, the other being the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi). Avid members include Hyundai Asia Resources Inc., The Covenant Car Co. Inc., British United Automobile and Motor Image Pilipinas.
According to a recent report, Avid says the 10 percent forecast is still a conservative target considering the positive developments that are happening in our country.
Indicators also point to the high election spending as a factor in the predicted car sales growth in this year of middle-term polls. The automotive industry expects to register sales of 200,000-units in 2013 amid the increasing demand for vehicles and election spending in the first and second quarters.
In 2012 car sales forecast was placed at 154,000 units but a stable market by the second quarter rallied car sales. 2012 sales could reportedly reach 185,000 units. In 2011, industry sales hit 165,194 units. Campi accounted for 141,616 units while Avid registered 23,578 units sold.
With the country’s economy seen to rally in 2013, car industry players like Avid are optimistic citing the 7.1-percent gross domestic product expansion in the third quarter and the stability of remittances and increasing government expenditures.
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