Despite a slow-down in the Philippines economy in the second quarter, the rental business of Monark Equipment, exclusive national distributor of Caterpillar forklifts, grew 10% in the first half of 2003.

Monark chairman Jose Banson said the rental division rode the storm despite a weak Philippines peso and concerns about the country's political instability dampening business sentiment.

The company's rental rate for new three-tonne forklifts is 40,000.00 pesos (USD727) a month. The average rental period is two years, Mr Banson said.