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2 minutes to read by  RBC Emerging Markets Equity teamA.Yarashi-Shah, CFA Apr 18, 2024

‘Consumerism’ was the word at the forefront of my mind, during my recent trip to the Philippines. From luxury goods to fine dining to real estate developments across Metro Manila, the desire to spend is evident.

However, my visit also revealed other noteworthy points about the country. In my piece, I discuss:

  • The political landscape: Ferdinand “Bongbong” Marcos was declared the country’s 17th president in June 2022. While stability has increased under his leadership, there is also uncertainty, following his push to change the constitution.

  • Foreign direct investment: while the president remains more focused on driving FDI than his predecessor, sustainable growth could be challenging. High electricity prices will hinder the development of the manufacturing sector, while AI could threaten employment.

  • Infrastructure development: this is being driven through public-private partnerships, and I visited a 360-hectare reclamation project in Manila Bay. Recently, the Marcos administration has also awarded the privatisation and upgrade of Manila’s Ninoy Aquino International Airport.

  • Family run businesses: these companies and their subsidiaries make up 67% of the market cap of the Philippine Stock Exchange. With their robust balance sheets, they have been able to consistently invest and expand across the country.

Looking over the long term, we think that the Philippines will continue to be an interesting country, but given its structural challenges, we would selectively invest in areas that benefit from thematic drivers, such as domestic consumption and financialisation.

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