Philippines - CV sales in the Philippines continue on downward spiral
By Jim Gibbins - 1st March 2021
The Philippines - The Philippine market for commercial vehicles over 2 tons gvw continued to plunge in the fourth quarter of 2020, by close to 32% to 22,161 units from 32,405 units a year earlier, according to www.AsiaMotorBusiness.com analysis of data sourced from the industry.
The Philippines is one of the countries in Asia worst hit by the COVID-19 pandemic, with GDP shrinking by 8.3% year-on-year in the fourth quarter of last year after an 11.4% drop in the third quarter due to prolonged lockdowns across the country and falling exports. In the whole of last year, the economy contracted by 9.5% - the worst performance since records began in 1946.
