An end to drought conditions caused by the El Niño weather pattern is spurring growth in the Philippines’ industrial sector, with increased output in food manufacturing.
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Strong economic growth in the Philippines is driving demand in the real estate market, placing prime office space at a premium, with little indication that appetite will wane despite growing supply in Manila and Cebu.
Halal tourism looks set to become a key component of wider sector growth in the Philippines, as the government moves to support the segment’s development through a major investment drive.
Increased product awareness and sustained economic expansion are fuelling double-digit growth in the Philippines’ insurance sector, as the emergence of micro-insurance products helps boost penetration rates and premiums.
Consolidation will remain headline news in the Philippine banking sector in 2016, with mergers and acquisitions expected among smaller lenders, particularly in rural areas.
Economic update | Philippines Year in Review 2015
25 Dec 2015
Strong domestic demand and increased government spending helped sustain high levels of economic expansion in the Philippines throughout 2015, though a slight slowdown was observed late in the year as demand from the country’s main trading partners eased.