More cash for cars

by Anna Barbara L. Lorenzo | Apr 15, 2009
Overseas Filipinos sent more remittances in February, giving a boost to one of the lifelines of the local auto market.

Remittances coursed through banks in February stood at $1.32 billion, the Bangko Sentral ng Pilipinas said. The figure is 4.9 percent higher than the amount sent in the previous month.

Cash sent to the Philippines by close to nine million overseas Filipinos drive households' disposable income, allowing local consumers to plan for big ticket items like cars.

"OFW remittances and the entrepreneurial trend are major factors which continue to impact car sales in a positive way. Filipino expats who have returned are using their talents to start a business, which in turn helps the sales of dual-purpose vehicles," said Elizabeth H. Lee, president of the Chamber of Automotive Manufacturers of the Philippines, Inc.

Dual-purpose vehicles include Asian utility vehicles and light commercial vehicles. More than 60 percent of the vehicles sold in the Philippine market are under the commercial vehicle category.

 

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