The Philippines Road Freight Market is expected to capture a market share of over 36% by 2024 as a result of government measures aimed at resolving market glitches, says a report by Ken Research
1. Pain Points of the Trucking Industry in Philippines has been addressed by the Government Infrastructural Aid.
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The government has added smaller projects as a part of ‘Build Build Build’ Program keeping on hold the bigger projects such as Linking bridges for Luzon, Cebu & Visayas. Government funded road projects and PPP are contributing to overcome the problems of the trucking Industry. Major projects including ‘Road Infrastructure Budge’ & ‘Public Private Partnerships’ have taken care of issues such as Limited cargo capacity, high logistics cost & Terminal congestion at various ports.
2. The Government is continuously revising the market regulations in order to remove glitches from the operations system.
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The government is Formalising Processes in order to remove Glitches within the Trucking Business. This was mainly done in order to organise the unorganised market which will also result in less corruption, a smooth operations system. For instance, the government has mandated truckers offering services to customs ports to register under the bureau’s profile registration system.
3. Technology-enabled Transformation Roadmap will drive the Freight Forwarding Market to Grow to over ₱ 550 Bn in Next 5 Years.
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The market is expected to grow at a faster rate as a result of government initiatives & technological innovations. The market is expected to generate P 560 Bn in the next 5 years. Innovations such as Philippine Development Plan 2017-2022: Aims at making Philippine an upper middle class economy by 2022. Focuses on adoption of modern technology, innovation, infrastructure development and others which will aid the growth of this industry in upcoming years. Infrastructural Developments such as connecting Mindanao to Luzon with competitive freight rates to ensure high-quality, on-time service would give the industry a boost. The share of infrastructure expenditure in GDP was 4% in 2017 which is expected to grow to 6% by 2022.