Philippines vehicle market down 9% in November

Vehicle Market Performance - New vehicle sales in the Philippines fell by almost 9% to 37,352 units in November 2025 from 40,898 units a year earlier, indicating a slowdown after three years of growth from pandemic lows [1][6] - In the first eleven months of 2025, the vehicle market declined by 1% to 420,776 units compared to 425,208 units in the same period last year, driven by a 7% rise in commercial vehicle sales to 335,859 units, while passenger vehicle sales dropped by 23% to 84,917 units [3] Economic Context - Economic growth in the Philippines slowed to 4.4% year-on-year in the third quarter of 2025, down from 5.5% in the second quarter, marking the slowest growth since 2021 [2] - Household spending growth also decelerated to 4.1% from 5.3%, despite a 200 basis points cut in the central bank's benchmark interest rate to 4.50% [2] Manufacturer Performance - Toyota reported a 4% sales increase to 205,552 units in the eleven-month period, benefiting from strong demand for its Hilux and Avanza/Veloz models; Mitsubishi Motors followed with 79,252 units (-3%); Ford saw a decline to 20,007 units (-22%); Suzuki increased sales to 19,982 units (+8%); and Nissan reported 19,225 units (-22%) [4] Electrified Vehicle Sales - Year-to-date sales of electrified vehicles reached 28,102 units, comprising 22,027 hybrid electric vehicles (HEVs), 4,261 battery electric vehicles (BEVs), and 1,814 plug-in hybrids (PHEVs) [5]