The unedited version of this post first appeared on International Enterprise (IE) Singapore’s site.
Hailed as the next “Asian miracle” by the World Bank, The Philippines is emerging as one of ASEAN’s fastest-growing economy. There are opportunities for Singapore food, clothing and footwear retail companies arising from the Philippines’ large and growing consumer market.
Singapore consumer companies can partner the local consumer giants who are mall developers, mall owners and/ or retailers. They can also work with the multi-brand retail operators, who have long term relationships with the mall owners and a vast consumer market network.
One Of The Largest Consumer Markets In ASEAN
Consumption expenditure as a percentage of GDP (74%) in the Philippines is one of the highest in ASEAN. In 2012, its household consumption expenditure (US$186 billion) was ranked third in ASEAN, just behind Indonesia (US$479 billion) and Thailand (US$209 billion). Euromonitor International projects that the total consumer expenditure in the Philippines will grow at 5.4% annually from 2013 to 2030.
Demand for consumer goods is mainly in Metro Manila, as the region accounts for more than 50% of the country’s total retail sales. However, other regions with urbanised centres, like Cebu, are catching up quickly. Growth in Cebu’s twin industries of tourism and outsourcing have helped to grow the retail sector, with recent entrants including Philippine Seven Corporation (7-Eleven).
Read the full report by IE Singapore here.
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