Demand for CVs in the Philippines continues to grow
By Will Pulson - 15th January 2024
The Philippines - The market for commercial vehicles over 2 tons gvw continued to grow strongly in the third quarter of 2023, by 18% year-on-year to 32,128 after rebounding by 48% to 27,229 units a year earlier from the pandemic lows, based on data from local industry sources.
Economic growth accelerated to 5.9% year-on-year in the third quarter from 4.3% in the second quarter, driven by a 6.7% rebound in government spending after a 7.1% decline in the second quarter and a pick-up in fixed investment growth to 7.9% from 4.0%. This more than offset a moderate slowdown in consumer spending growth to 5.0% from 5.5%. The central bank raised its benchmark interest rate by a further 0.25% to 6.50% in October, up from 2.0% just over a year earlier, to help contain inflation and to support the peso.
