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Vehicle sales seen flat in 2020; autos considered ‘non-essential’

Vehicle Sales in the Philippines are expected to be flat in 2020 as the enhanced community quarantine in Luzon shutters dealerships, Fitch Solutions Country Risk and Industry Research said in a downgrade of its previous estimate of 7.4% growth. The automotive sector outlook projected overall new-vehicle sales growth in the Philippines of 0.4% to 371,456 units in 2020. Fitch Solutions said that the inability to make vehicle purchases during the lockdown will cause a significant drop in sales, and economic and employment uncertainties will mean spending will likely go to essential goods.