CV market in the Philippines sees sales dip in Q1/2023
By Will Pulson - 1st July 2023
Philippines - The Philippine market for commercial vehicles over 2 tons gvw shrank by more than 3% to 26,597 units in the first quarter of 2023 after growing by 12% to 27,535 units in the same period of last year, according to data from local industry sources.
The Philippine economy expanded by a better-than-expected 6.4% year-on-year in the first quarter, albeit down from a revised 7.1% in the fourth quarter of last year, reflecting mainly strong domestic activity. While the central bank has raised its benchmark interest rate in the last year from 2.0% to 6.25% to help curb persistently high inflation, consumer spending has remained strong – helped by a rebound in international tourism.
