Newsletter #000 (View other news stories)
SLOW-DOWN HITS PHILIPPINES FORKLIFT SALES
--, Philippines
Thursday, 27 Sep 2001
PHILIPPINES -- An economic slow-down in the Philippines has adversely affected the heavy machinery sector, particularly distributors of forklifts and loaders, with only 200 new units sold in the country from January to August this year, according to a leading distributor in the region.
Paragon Trading & Services Corporation general manager Amado Millan, the exclusive Philippines distributor of TCM forklifts, said the domestic forklift market had dropped "significantly" due to weak demand in the manufacturing sector and warehousing and storage businesses. The used machinery market was not spared by the slump either.
The Philippines forklift market usually sells 800 to 1000 units each year. TCM is the market leader, selling 200 to 300 units annually, followed by Toyota and Nissan.
Mr Millan said 2001 sales were poor compared to 1997. "The last three years were a bad period for the heavy equipment business," he said. Paragon has distributed TCM forklifts and loaders for 37 years but, with the current weak demand, had sold few units this year.
Mr Millan said manufacturers and warehouse owners were replacing equipment less often, preferring instead to cut costs through better maintenance.
San Miguel Corporation, the Philippines' largest conglomerate, had increased its operating budget for repairs and maintenance of heavy equipment, as had most large companies, Mr Millan said.
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