Growth of PH vehicle output slowed to 5.9% in June
MANILA -The growth in local vehicle production slowed further in June, falling to single-digit levels for the first time this year, as its other peers in the Association of Southeast Asian Nations (Asean) experienced their own slowdowns during the month.
Data released on Tuesday by the Asean Automotive Federation, an umbrella group of industry associations from member economies of the regional bloc, showed the Philippines produced 8,506 motor vehicle units during the month.
This monthly performance marks a 5.9-percent increase from 8,506 units in the same month in 2022, but indicates a notable slowdown compared to the growth posted in the previous five months of the year.
The country’s vehicle output started with a strong growth of 60.3 percent in February, speeding up further in February and March to 67.2 percent and 76.6 percent, respectively.
By April, growth decelerated to 32.1 percent and further slowed to 23 percent in May.
Still, the June performance showed that the local automotive manufacturing industry continues to post growth on a monthly basis and is on an eleven-month growth streak since August of last year.
In terms of production volume, Thailand remains ahead, producing 145,557 vehicle units during the same month and posting a 1.8-percent growth, a stark contrast to the 16.5 percent growth a month earlier.
Indonesia had the second largest production volume with 109,609 units, but saw a decline of 7.7 percent.
What followed next was Malaysia with 58,051 units and Vietnam with 13,298 units, both of which experienced a decline of 3.1 percent and 25.8 percent, respectively.
Myanmar was still in last place after having produced 140 units. which marked a decline of 65.8 percent from 409 units it produced in the same month of last year.
Year-to-date, the Philippines led its regional peers in terms of growth with 41.3 percent performance but was still in the second-to-the-last place in terms of production volume after producing 56,973 vehicle units.
In total, the six countries produced 2,117,365 motor vehicle units during the first half of the year, a 5.2 percent increase compared to last year’s output of 2,012,535, units during the same period.
The Philippines also led in terms of growth in the production of motorcycles and scooters during the first half of the year, recording a 57.4 percent growth with the assembly of 56,973 units.
Indonesia posted the second highest growth at 33.8 percent, while still being the top producer of these two-wheeled vehicles among the five countries with its output of 3,470, 652 units. INQ
