IN CONTRAST to many large format stores rightsizing and shopping centers closing down in many parts of the world, retail in the Philippines remains vigorous and upbeat.
In a recent Nikkei Business Philippines-Japan Investment Forum in Tokyo, Japan, SM Supermalls chief operating officer Steven Tan said a combination of market forces—robust overseas Filipino workers’ remittances and sustained activity in the business process outsourcing industry—fuel consistent growth in the Philippine economy and drive consumer purchasing power.
“Unlike how it is in many parts of the world, retail in the Philippines is vibrant, upbeat and full of opportunity,” Tan said, in his address before a gathering of 500 chief executive officers and business leaders in Japan.
Tan said the growth of the Philippine economy, supported by the government’s massive infrastructure push, is directly impacting consumer sentiment in the Philippines.
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