The Association of Vehicle Importers and Distributors (AVID) registered 103% growth or 45,420 units in the first half of 2016 from 22,371 in same period of 2015. Second quarter 2016 sales alone expanded by 74% with 24,260 units compare to 13,296 units the previous year.
Passenger Car (PC) sold 16,618 units which is an 87% rise from the 8,876 units recorded in the 1st semester of 2015. Second quarter PC sales was even more phenomenal as the group recorded a 93% growth primarily driven by Hyundai with 6,021 units sold.
The Light Commercial Vehicle (LCV) segment, on the other hand, surged by 113% in first half of the year with 28,802 units versus 13,495 units from the same period last year. This growth is largely boosted by 16,054 units sold by Ford which joined AVID in May 2015. In the 2nd Quarter of 2016 alone, the group managed to hit 15,251 units which is 65% higher compared to the figures recorded last year.
Anchored on sound macroeconomic fundamentals, PH economy significantly grew by 6.9% in Q1 2016 which is the highest since the second quarter of 2013 and makes the country the fastest growing economy in the region. This growth was mainly investment-driven from the demand side and fairly broad-based in terms of supply side. GDP growth is expected to sustain its momentum as the new administration vowed to continue macroeconomic policies implemented by the Aquino administration.
Externally, the heightened regional tensions coming from the recent arbitration ruling which favored Philippines over China on competing claims in the West Philippine Sea will likely keep key investors and markets on their toes. Nonetheless, auto purchase is seen to be tilted on the upside in light of increased consumer confidence and attractive roster of products.