Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

PHL motor vehicle production jumps 35% in Aug.

by
October 29, 2024
in Top News
0
PHL motor vehicle production jumps 35% in Aug.
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter
Workers at the Toyota Aisin Transmission Plant at the Toyota Special Economic Zone, Santa Rosa City, Laguna, Aug. 22, 2023. — YUMMIE DINGDING / PPA POOL

By Justine Irish D. Tabile, Reporter

PHILIPPINE MOTOR VEHICLE output jumped by 34.7% in August, logging the second-fastest growth in the region, the ASEAN Automotive Federation (AAF) said.

In a report released on Tuesday, the AAF said the country produced 10,941 units in August, 2,816 more than 8,125 units produced a year earlier.

At 34.7%, the Philippine motor vehicle output growth was behind Myanmar’s 48.7% growth but faster than the 8.9% growth in Malaysia.

It also outperformed the 11.3% decline in the region during the month. A decline in output was seen in Vietnam (7.4%), Indonesia (14.6%), and Thailand (20.6%).

In the first eight months of 2024, Philippine motor vehicle production expanded by 17.3% to 86,585 units from 73,789 a year ago.

This was the second-fastest growth in the region, behind Myanmar, which expanded by 180% to 1,697 units in the first eight months from 606 last year.

In third spot was Malaysia, whose production grew 7.8% to 536,313 units from 497,309 a year ago.

Indonesia (18%), Thailand (17.7%), and Vietnam (8.5%) recorded a drop in production in the January-to-August period. The region’s production had fallen by 12% to 2.51 million as of end-August.

Meanwhile, motorcycle and scooter production in the Philippines surged by 101.3% in August to 115,974, the fastest growth so far this year.

The Philippines posted the highest growth in motorcycle and scooter production among the four countries in August. Indonesia posted a 6.9% growth in production to 630,601 units, followed by Malaysia where output went up 3.3% to 53,323 units.

Motorcycle and scooter production in Thailand slumped by 15.8% to 144,244 units in August.

Overall, the four countries produced 944,142 motorcycles and scooters in August, up by 8.5% from 870,144 units a year ago.

In the first eight months, Philippine motorcycle and scooter production jumped by 5.2% to 893,293, followed by Indonesia which increased production by 2.2% to 4.69 million.

Thailand saw a 12.2% drop in production to 1.29 million, while Malaysia’s output fell by 9.6% to 365,876.

This brought the region’s total motorcycle and scooter production to 7.24 million in the January-to-August period, down 1% from 7.31 million a year ago.

Vehicle manufacturers may have ramped up production in August in anticipation of increased demand.

Toyota Motor Philippines, Inc. (TMP) First Vice-President for Corporate Affairs Josephine Villanueva said production is also driven by market requirements.

“We have been placing greater importance in providing the best Toyota ownership experience to our customers. As the customer requirements continue to evolve, we ensure that we provide value-chain offerings suited to the needs of the Filipino market,” she said in a Viber message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said higher vehicle sales might have also spurred manufacturers to ramp up production.

“For the coming months, rate cuts could further reduce borrowing costs, thereby further supporting demand for auto and motorcycle loans that could, in turn, lead to faster growth in vehicle and motorcycle sales and production,” he said in a Viber message.

Last week, TMP President Masando Hashimoto cited cooling inflation, strong remittances from overseas Filipino workers and interest rate cuts as revenue drivers.

In the AAF report, the Philippines had the third-fastest growth in motor vehicle sales in the first eight months at 10.3% to 304,765 units.

Meanwhile, motorcycle and scooter sales grew 4.9% in the January-to-August period to 1.1 million, representing the fastest growth in the region.

Region-wide, motor vehicle sales declined by 7.7% to 2.02 million, while motorcycle sales were almost flat (0.3%) at 6.98 million.

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Supreme Court issues TRO vs PhilHealth fund transfer

Supreme Court issues TRO vs PhilHealth fund transfer

Recommended

PHL urged to explore tech tie-ups in southern China

PHL urged to explore tech tie-ups in southern China

August 21, 2024
Trump re-election predicted to boost UK with $33 billion in Chinese investment

Trump re-election predicted to boost UK with $33 billion in Chinese investment

November 29, 2024
When to Pull the Trigger: Identifying the BEST Entry Point

When to Pull the Trigger: Identifying the BEST Entry Point

January 9, 2025
CloudCFO uses AI to simplify accounting for small firms

CloudCFO uses AI to simplify accounting for small firms

November 19, 2024
End-Aug. outstanding debt dips to P15.5T

End-Aug. outstanding debt dips to P15.5T

October 1, 2024
James Dyson condemns ‘spiteful’ inheritance tax in budget, warns of impact on family businesses

James Dyson condemns ‘spiteful’ inheritance tax in budget, warns of impact on family businesses

November 4, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Terms & Conditions
    • Thank you

    Copyright © 2024 investdailypro.com | All Rights Reserved