Sales of imported vehicles jumped 60 percent to 98,179 units in 2016 from 58,256 units in 2015, data show Friday.
The Association of Vehicle Importers and Distributors said fourth quarter sales rose 26 percent to 24,434 units from 19,374 units year-on-year.
“2016 was indeed a banner year for the automotive industry as AVID sales surged with an impressive 60 percent growth. As such, AVID looks forward to 2017 with limitless possibilities and opportunities, as we continue to delight the Filipino market with an array of innovative and value-laden products and services,” said association president Ma. Fe Perez-Agudo.
Sales of passenger cars increased 60 percent in 2016 to 35,770 units from 22,316 units in 2015.
Fourth-quarter sales of passenger cars also climbed 40 percent to 9,341 units from 6,664 units on year.
Hyundai sold sell 6,063 units in the fourth quarter 2016.
Meanwhile, sales of light commercial vehicles surged 60 percent in 2016 because of strong demand due to low oil prices.
Sales in the last three months of 2016 also increased 19 percent, with Ford emerging as the best-selling brand.
AVID said the Philippine economy sustained its upward trajectory on solid macro-economic fundamentals.
“For 2017, several international institutions with the likes of S&P Global, the Asian Development Bank and the International Monetary Fund painted a rosy outlook for the economy as most of the heavy fiscal spending has been earmarked for infrastructure and social services. This sanguine economic outlook bodes well for the automotive industry as it is packed with exciting product line-up for 2017,” it said.
