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Malaysia's Carsome plans foray into Philippines in 2020

Used car marketplace is also considering moving its HQ to Singapore

Used cars for sale along a busy road in Las Pinas, south of Manila, in the Philippines.   © Reuters

SINGAPORE -- Malaysian used car marketplace Carsome wants to enter the Philippines next year, says CEO and co-founder, Eric Cheng. The Gobi Partners-backed company currently operates in four Southeast Asian markets: Indonesia, Singapore, Thailand and Malaysia.

According to Cheng, Carsome is likely to enter the Philippines via joint ventures with local partners. The Philippines is the fourth largest used car market in the region, racking up between 400,000 and 500,000 used car orders per year -- volumes similar to its home market of Malaysia.

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