Philippines’ CV market enjoys record annual sales despite market decline during fourth quarter
By Jim Gibbins - 1st March 2019
Philippines - The Philippine market for commercial vehicles over 2 tons gvw fell by 11% to 31,237 units in the fourth quarter (Q4)of 2018 from strong year-earlier sales of 35,113 units, according to www.AsiaMotorBusiness.com analysis of data sourced from the industry.
The country’s economy expanded by 6.1% year-on-year in Q4, according to preliminary data released by the government, following 6.0% growth in the third quarter. Household consumption growth came in at a slightly stronger 5.4% from 5.2% in the third quarter, despite a series of rate hikes last year by the central bank which lifted the benchmark rate from 3.0% to 4.75%. Government spending growth slowed to 11.9% in the fourth quarter from 14.3%.
