Q2 CV growth in the Philippines driven by light vehicle segment
By Will Pulson - 9th October 2022
The Philippines - The market for commercial vehicles over 2 tons gvw in the Philippines continued to recover in the second quarter of 2022, by 31% to 28,002 units after rebounding by 130% to 21,391 units in the same period of last year from depressed pandemic levels, based on analysis of industry data from various industry sources.
The Philippine economy expanded by 7.4% year-on-year in the second quarter, down from 8.3% in the first quarter, driven mainly by buoyant domestic consumption despite a series of interest rate hikes by the central bank since the beginning of the year amid rising inflation. Consumer spending increased by 8.6%, slower than the 10% growth seen in the first quarter, while government spending increased by 11.1% from 3.6% - reflecting recent presidential election spending.
