The Association of Vehicle Importers and Distributors (AVID) reported its sales for 2018 dropped by 17 percent to 88,700 units from 106,285 units the previous year due to high inflation, rising borrowing costs, oil price hikes and tax increase.

“Full year 2018 AVID sales recorded 88,700 units sold amidst unfavorable economic condition,” AVID President Ma. Fe Perez-Agudo said in a statement on Friday.