The Philippines posting impressive economic growth figures is expected to fuel the building of at least 40 new shopping malls in the next two years.
“The country’s leading developers are set to open over 40 new malls in the next two years,” said Frederick Go, Philippine Retail Association (PRA) chairman, in a speech at the 2013 National Retail Conference Expo (NCRE) on Wednesday.
These real estate and mall developers include SM and Ayala Land Inc.
“This augurs well for the economy as this will bring about the creation of more jobs, new business opportunities both for retailers as well as their suppliers,” he added.
Go said that according to Business Monitor International records, Philippine retail sales was pegged at P1.53 trillion by the end of year, and “is expected to hit P1.98 trillion by 2017.”
“The Philippine economy continues to be robust despite the global slowdown over the past year. This is buoyed by strong domestic consumption and investments supported by steady OFW [overseas Filipino worker]remittance inflows—which hit a five-month high of $1.867 billion in May according to the central bank,” Go said, referring to the Bangko Sentral ng Pilipinas.
He also mentioned that Manila ranked 11th among the top 25 most attractive places for foreign shoppers in reference to the Globe Shopper Index Asia-Pacific. Also, the Philippines is second to Indonesia as having the most confident consumers in Southeast Asia, according to latest Nielsen Global Consumer Confidence Survey.
“We in the retail industry should be able to take full advantage of these positive developments of the country,” Go said.