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Philippines’ CV market positive again in Q1/2024

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By Will Pulson - 14th July 2024

Philippines - The market for commercial vehicles over 2 tons gvw in the Philippines expanded by more than 5% to 27,959 units in the first quarter of 2024 after a slight decline to 26,597 units in the same period of last year, according to data derived from local industry sources including the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA).

The Philippine economy expanded by 5.7% year-on-year in the first quarter of 2024, slightly better than the 5.6% growth seen in the fourth quarter of 2023 – underpinned by a rebound in exports which offset weaker domestic consumption.

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