Philippines

With a young, rapidly growing and consumption-driven market of nearly 100m, an expanding middle class and positive consumer sentiment, the Philippines’ demographic and socio-economic status makes it one of the region’s more promising retail destinations.

Growing an impressive 7.2%, the Philippines was one of Asia’s best-performing economies in 2013. As growth has given rise to increased business activity and boosted consumer spending power, the question that arises is whether this newfound domestic demand will be for goods and materials produced locally or exported from abroad. This is an...

THE COMPANY: SM Prime Holdings (SMPH) is the Philippines' largest mall operator. Publicly listed since 1994, SMPH owns and runs world-class malls all over the country, providing millions of square metres of floor area for fully integrated shopping, dining, and entertainment experiences.

As banks expand credit in the domestic economy, the sector is enjoying a period of rapid catch-up growth. A positive feedback loop is at work in which banks are increasingly driving economic growth, supported by inflows from foreign investment and Filipinos working abroad, while growing trust in the banking system is drawing greater volumes of...

As domestic liquidity surged and foreign investors gradually returned after a general flight from emerging markets in 2013, Philippine capital markets were riding a wave of optimism in 2014 and early 2015. The Philippine Stock Exchange’s (PSE) blue-chip index, the PSEI, hit a fresh all-time high in January 2015 and was continuing to rise in...

As the country’s largest banks expand into ever more remote areas, hundreds of small banks are wondering if they have a future. Most of these small banks spread across the country are tiny and operate in rural areas – mainly the product of a 1950s drive to bring basic banking services to the countryside, by encouraging the establishment of...