Jul 222013
AVID sales down 3% in H1

MANILA, Philippines – Sales of vehicle importers declined slightly in the first semester from a year ago due to the weaker performance of passenger cars (PC). Data released yesterday by the Association of Vehicle Importers and Distributors, Inc. (AVID) showed that the group’s total sales reached 15,345 units in the January to June period, down three percent from the 15,800 units in the same period last year. This, as PC sales fell 18 percent to 7,821 units as of end-June from 9,530 units in the comparable period in the previous year. Despite the lower PC sales, the AVID’s light commercial vehicle (LCV) sales meanwhile rose 20 percent to 7,524 units in the first-half from 6,270 units a year ago. The strong LCV sales performance was driven by Motor Image Pilipinas, Inc.’s Subaru and The Covenant Car Company, Inc.’s Chevrolet brands which had compelling new offerings in the compact and mid-size sports utility vehicle categories. The LCV segment’s positive first half performance, AVID said, provided a strong cushion in tempering a supply-stricken PC category where primary movers Hyundai Asia Resources Inc. (HARI) and Chevrolet both experienced significant losses due to supply-dictated performance as well as strong external competition. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For the month of June alone, AVID’s sales decreased 16 percent to 2,447 units from last year’s 2,912 units. The group’s PC sales declined 19 percent to 1,240 units from last year’s 1,526 units. Its LCV sales for the month of June reached 1,207 Read More …

Jun 252013
Balisacan unperturbed by weak peso, stocks

MANILA, Philippines – The country’s top economic manager said he remains unperturbed by the weakening of the peso and the local bourse, saying these barometers are going into a ‘dip’ cycle. Socioeconomic Planning Secretary Arsenio M. Balisacan pointed out that the peso at one time weakened to beyond 53 to the US dollar, and that the present level of the Philippine Stock Exchange index (PSEi) is still well above the 1,800-mark a few years back. “I would like to think that it is just a dip,” Balisacan told reporters on the sidelines of a World Bank presentation on climate change yesterday. The PSEi fell below 5,800 yesterday, entering bear market territory, according to market analysts. Nonetheless, Balisacan said the real economy remains strong based on sound fundamentals and strong domestic market. “The weak peso is good for our competitiveness. It is not only good for exports, but for our local industries which are competing with imports,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 A stronger dollar makes imported products more expensive, allowing locally-produced goods to compete in the market. Increased local production would, in turn, create more jobs. “The weakening of the peso will not only benefit the exporters or the families of overseas Filipinos sending dollar or dollar-denominated remittance inflows, but broadly our local industries that are producers or assemblers of exports using imported parts,” said Balisacan, who is also director general of the National Economic and Development Authority (NEDA). Meanwhile, robust investments in the Read More …

Jun 132013
Vehicle sales up 23% to 72,988 units as of May

MANILA, Philippines – Sales of car and truck assemblers went up by more than a fifth in the January to May period from last year due to strong demand for vehicles, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said. In a statement yesterday, the CAMPI said combined sales of the group and the Truck Manufacturers Association Inc. reached 72,988 units as of end-May, 23.3 percent higher than the 59,174 units in the comparable period last year. Passenger car sales rose 35.4 percent to 23,904 units in the five-month period from the 17,656 units last year. Sales of commercial vehicles also grew 18.2 percent to 49,084 units as of end-May, from 41,518 units in the previous year. Light commercial vehicle sales, which reached 30,680 units as of end-May, also posted a 28.9 percent increase from 23,807 units a year ago. “Improvement in the economy is always first manifested by an upward trend in light commercial vehicle sales. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This is because this type of vehicle could easily double as a family vehicle and a business transport service,” CAMPI president Rommel Gutierrez said. Higher sales of trucks and buses were also seen for the five-month period which jumped 58 percent to 778 units from 493 units in the previous year. By company, Toyota Motor Philippines Corp. remained the market leader with its 40.34 percent share.

Apr 102013
Vehicle sales jump 29% in 1st qtr

MANILA, Philippines – Combined sales of local car and truck assemblers reached 41,702 units in the first quarter, the highest posted for the period in history. The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said in a statement yesterday the first quarter sales of the group and the Truck Manufacturers Association Inc. (TMA) were up 29 percent from the 32,240 units sold in the same period last year. The CAMPI noted that traditionally, the first quarter always shows the lowest quarter sales for any given year. “That it has breached the 40,000 mark for the first time is a clear indication that the country is indeed on the path towards motorization,” CAMPI president Rommel Gutierrez said. Supporting the higher sales for the period was the strong demand for both passenger cars (PC) and commercial vehicles (CV). PC sales, which accounted for a 33.14 percent share in total sales reached 13,821 units posting a 46-percent increase from last year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 CV sales, which had a 67-percent share of total sales meanwhile, reached 27,881 units, 23 percent higher than in the same period last year. Within the CV category, sales of trucks and buses rose by 69 percent to 447 units compared to a year ago. Toyota Motor Philippines Corp. had the biggest contribution to the first quarter sales with its 41-percent share. This was followed by Mitsubishi Motors Philippines Corp. which had a 24-percent share, and Honda Cars Philippines Inc. with Read More …

Jan 272013
CAMPI eyes 10% sales hike

MANILA, Philippines – Auto sales are expected to grow by 10 percent this year from last year on the back of the country’s strong economic performance. Chamber of Automotive Manufacturers of the Philippines Inc.(CAMPI) president Rommel Gutierrez said in a text message that they expect sales to  reach 172,000 units this year. Last year, CAMPI sold 156,649 units, up 11 percent from 2011 due to an increase in purchases of both commercial vehicles and passenger cars as well as the influx of new models and availability of competitive financing schemes. The group said that last year’s growth could have even been higher if not for supply constraints in the first quarter as a result of heavy flooding in Thailand in 2011. For this year, Gutierrez said the higher sales will be driven by the “sustained economic growth, (and as) GDP (gross domestic product) per capita (is seen) to reach $2,500.” He said growth in remittances from overseas Filipino workers, election spending and overall positive economic outlook, are likewise seen to allow the group to achieve higher sales this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On expectations of continued positive economic conditions, car firms are also looking to introduce new models in the market. Gutierrez said total industry sales are likewise expected to rise, hitting 200,000 units this year. Total industry sales in 2012 stood at 184,248 units. Total vehicle sales last year posted an 11.6 percent increase from 2011 due to the strong demand for both Read More …