Philippines vehicle sales rose 8% in March [Yahoo! Finance]
Toyota Motor Corporation (TM)
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Source: Yahoo! Finance
wholesale data released jointly by the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) and the Truck Manufacturers Association (TMA). The vehicle market has continued to grow so far this year, after rebounding strongly in the previous three years from the pandemic lows – supported by strong domestic economic growth. GDP expanded by 5.6% last year, driven by strong domestic consumption and exports. The central bank has cut its benchmark interest rate by 25 basis points on four occasions since last August, to 5.50%, to help support domestic consumption. In the first quarter of 2025 vehicle sales increased by almost 7% to 117,074 units from 109,606 units in the same period last year, driven by a 14% rise in commercial vehicle sales – including SUVs - to 92,742 units while sales of passenger cars fell by 14% to 24,332 units. Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, pointed out that the decline in passenger cars reflected a “greate
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