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Strong pickup truck and LCV demand maintains upward trend for CV sales in the Philippines

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By Will Pulson - 15th April 2024

Philippines - The Philippine market for commercial vehicles over 2 tons gvw declined by 10% to 30,656 units in the fourth quarter of 2023 from 34,131 units in the same period of the previous year, according to analysis of data from various industry sources.

Philippine GDP growth moderated to 5.6% year-on-year in the fourth quarter after growing by an upwardly-revised 6.0% in the third quarter – when growth was lifted by a surge in fixed investment and government spending. The economy has now expanded for eleven consecutive quarters, since it emerged from the Covid pandemic lockdowns.

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