THE auto industry posted a 10.3-percent sales growth in the first quarter of the year as the market continues to remain strong despite rising fuel and food prices that may affect the decision to buy vehicles.

The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) said in a joint report that total vehicle sales for the first three months of the year increased to 28,904 units from only 26,199 units in the same period last year.

“There is still a relatively strong demand for vehicles as consumers continue to buy cars, albeit with much more discretion as higher food and fuel prices come into play in the purchase decision. Hence, the continued preference for vehicles that double as personal-and business-use [vehicles] reflects the importance of value for money,” Elizabeth Lee, Campi president, said in a statement.

Sustained economic growth is also key to the industry’s growth as it is positively correlated to auto-industry growth, she added.

Also, overseas Filipino workers (OFW) remittances will continue to help boost private consumption against the backdrop of government efforts to soften the blow of an appreciated peso on OFW earnings. 

Sales are also expected to be sustained with upcoming major events which will boost sales in the second half of the year, including the 2nd Philippine International Motorshow. The industry is aiming to sell 125,500 units for the year.

Commercial vehicle sales continue to dominate the market with a share of 66 percent and an increment of 11.8 percent. Passenger cars, on the other hand, posted a 7.6-percent increase for the period.

Toyota  Motor Philippines, although its sales dropped by 1.4 percent, remains as the market leader with a 35-percent market share and total sales of 10,119 units. It is followed by Honda (4,034 units sold), Mitsubishi (3,684), Hyundai (2,369), Isuzu (2,330), Ford+Mazda (2,021), Universal Motors (1,157) and Nissan (823).

EUROPEAN businessmen in the country are now actively helping local outsourcing and offshoring (O&O) firms land more contracts in Europe, as they believe the industry’s target of achieving a 10-percent share in global outsourcing revenues by 2010 will not be possible if the focus will remain solely in the US market.

DAVAO CITY—From stopping all further conversion of agriculture lands to monitoring the expenditures of the Department of Agriculture (DA) and the pork barrel of Congress representatives, a nongovernment group said the Arroyo administration must implement drastic policy measures to tide itself over  the rice crisis and preserve its hold on power.

THE Department of Agriculture (DA) has formally asked the Department of Finance (DOF) to remove tariffs on agricultural inputs to help farmers cope with the spiraling cost of inputs such as fertilizer.

THE auto industry posted a 10.3-percent sales growth in the first quarter of the year as the market continues to remain strong despite rising fuel and food prices that may affect the decision to buy vehicles.

THE World Bank (WB) is willing to extend financial support of as much as $850 million to $900 million to the Philippines every year, starting the bank’s 2008 fiscal year.

SEVERAL agreements for the sale of National Transmission Corp.’s (Transco)sub-transmission assets to (STAs) five electric cooperatives have finally been approved by the Energy Regulatory Commission (ERC) after a long delay.

APPARENTLY heeding the call of experts, the Department of Agriculture (DA) and the Department of Social Welfare and Development (DSWD) are now mapping areas where cheaper and subsidized rice should be sold.

ACCORDING to the National Statistical Coordination Board, a Filipino family of five needs a monthly income of P6,274 to stay out of poverty—that’s P206 daily or P75,288 annually. For Metro Manila, where the cost of living is higher, a family of five needs P282 a day or P102,830 a year to keep out poverty.