Sales of CVs in the Philippines dip slightly lower in Q2
By Will Pulson - 16th October 2023
The Philippines – The Philippines market for commercial vehicles over 2 tons gvw continued to edge lower in the second quarter of 2023 to 27,906 units following a strong rebound to 28,002 units in the same period of last year, based on analysis of data from various industry sources.
Philippine economic growth slowed sharply in the second quarter of 2023, to 4.3% year-on-year from 6.4% in the first quarter, with the domestic economy feeling the impact of the sharp increases in borrowing costs over the last year. The central bank has raised its benchmark interest rate from 2.0% to 6.25% in little more than a year, with local businesses and consumers the worst affected.
