Demand for trucks and bus in the Philippines slips 5% in Q3 2024
By Will Pulson - 8th January 2025
The Philippines - The market for commercial vehicles over 2 tons gvw fell by 5% to 30,216 units in the third quarter of 2024 from 31,850 units a year earlier, based on data from local industry sources. The slowdown comes after two years of robust growth, as the economy rebounded from the Covid pandemic lockdowns.
GDP growth slowed to 5.2% year-on-year in the third quarter of 2024 from 6.4% in the second quarter, reflecting a sharp slowdown in government spending to 5.0% from 11.9% and weaker fixed investment growth of 7.5% compared with 9.7%. Household spending growth accelerated to 5.1% from 4.7%, despite a series of severe typhoons during the quarter which caused floods and damage to large parts of the country.
