MANILA — The Association of Vehicle Importers and Distributors, Inc. (AVID) registered a decline of 2 percent in sales for the first quarter of 2018, with only 22,758 vehicles sold from 23,317 units in the same period in 2017.
AVID President Ma. Fe Perez-Agudo attributed the lower sales in the country to the impact of higher excise taxes on motor vehicles due to the Tax Reform for Acceleration and Inclusion (TRAIN) Law.
Both passenger car and light commercial vehicle segments posted decrements in sales in Q1 2018.
Sales of passenger cars decreased by 1 percent to 9,189 units in Q1 2018 from 9,247 units in Q1 2017.
Likewise, light commercial vehicle sales fell by 4 percent to 13,569 units in January to March 2018 period form 14,070 units in the first three months last year.
Despite the decline in sales from January to March, Perez-Agudo said the AVID remains optimistic for the rest of 2018, in light of developments in the economic front.
“Despite [the] given market challenges, we remain resolute that the stabilizing market condition and the influx of new products and services will serve as ample boost as we wind-up for a stronger 2018,” Perez-Agudo noted. (PNA)
