Softer Demand Conditions In 2012
December 2011 |Domestic demand conditions in the Philippines are expected to soften in 2012. While remittance growth has held up well in recent months despite a deteriorating external economic environment, it is likely to be relatively muted in 2012 as poor economic climates in the US and EU weigh on employment in the developed world. The recent floods in the Philippines are likely to place another dent in the country's near-term consumer growth story, as consumers suffer damages to their properties and a loss of wealth. A bright spot underpinning the 2012 Philippine consumer outlook is the likelihood of milder price pressures in the economy, which should provide some reprieve to consumer purchasing power.
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