MANILA, Philippines – The Philippines is expected to attract more foreign brands—from the low-end to luxury segments—as global retailers are starting to notice the vastly improved purchasing power of Filipinos, Philippine Retailers Association (PRA) chairman Emeritus Samie Lim said.
In his presentation at the recently concluded 4th Annual World Retail Congress Asia Pacific in Singapore, Lim cited close to 50 global brands that entered the Philippines in the last two years. Included are American casual and European high-street fashion items, as well as luxury brands like Bentley and Rolls Royce.
“This is a clear indication that people now have more disposable income. For food, we literally have hundreds of franchises that came in. Luxury goods also continued to perform at robust levels. This was a direct result of the improvement in consumer purchasing power. For many years, luxury brands seem to ignore the Philippine market. But to those who gambled, it was all worth the wait,” Lim told an audience consist of representatives from global firms and international retail experts.
Among those who also presented at the World Retail Congress are Peter Lau, chairman and CEO of Giordano; Karen Eidsvik Moody, Asia regional director of Subway; Richard Clarke, president for Retail of Fujitsu; Gordon Campbell, CEO of SPAR International; Dr. Ira Kalish, Deloitte chief global economist; John Bolodian, Asia Pacific marketing director of Microsoft; and Harvey Bierman, vice president of Global e-Commerce of Crocs.
Lim told the audience that this is the best time to enter the Philippine market. “The economy is getting stronger, the natural love of Filipinos for shopping is now fueled by strong purchasing capacity. Our new government’s campaign on good governance, integrity and accountability are bearing results in our economy.”
Aside from sharing the good developments on the Philippines front, Lim also used the World Retail Congress to invite the participants to the Asia Pacific Retail Conference that Manila is hosting in 2015.
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“We will also host the Asia Pacific Economic Cooperation meeting next year so things are getting exciting in the Philippines, not only in Manila but also in key gateway cities,” Lim, also the acknowledged “Father of Philippine Franchising,” said.
