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2017 Investment Guide by KPMG in the Philippines PHILIPPINE CONSUMER MARKET REPORT Philippine Consumer Market Report

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2017 Investment Guide by KPMG in the Philippines PHILIPPINE CONSUMER MARKET REPORT Philippine Consumer Market Report PHILIPPINE CONSUMER MARKET REPORT by KPMG in the Philippines 2017 Investment Guide Philippine Consumer Market Report 2017 Investment Guide by KPMG in the Philippines kpmg.com.ph kpmg.com/app In this issue: © 2016 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG network of independent firms affiliated with KPMG International Cooperative ("KPMG International"), a Changing Consumption and Economic Landscape Swiss entity. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does in the Philippines KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Demographics and Urbanization The KPMG name and logo are registered trademarks or trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate The Philippines: Asia’s New Investment Hub and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice and after thoroughly considering the circumstances of a particular situation. The views and opinions expressed herein are those of the authors and interviewees and do not necessarily represent the views and opinions of R.G. Manabat & Co., KPMG International or KPMG member firms. The articles do not purport to give advice on any particular issue or situation but are meant to be a general guide to the reader who should seek the advice herein of qualified professionals on issues specific to his or her situation. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. © 2017 R.G. Manabat & Co., a Philippine partnership and a member firm of the KPMG network of independent firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved. Philippine Consumer Market Report 2017 Investment Guide by KPMG in the Philippines PHILIPPINE CONSUMER MARKET REPORT by KPMG in the Philippines 2017 Investment Guide Contents Foreword 4 Contributors 6 Developments in Value Added Tax 70 Glossary 73 About the Philippines 74 About KPMG 75 Directory of Partners and Principals 76 Editorial Team 79 Asia’s Rising Star: Taking Stock and Consumption Spending and Looking Forward 8 Economic Growth 29 Demographics, Urbanization and the Changing Consumption and Economic The Philippines: Asia’s New Landscape in the Philippines 40 Investment Hub 57 Philippine Consumer Market Report 3 Foreword Roberto G. Manabat Chairman and CEO KPMG R.G. Manabat & Co. The Philippines has entered a new phase of its narrative with the arrival of its new president. At the start of his term, the new president was quick to present his 10-point economic agenda with a focus on the reduction of government bureaucracy, infrastructure development and human capital investments, while undertaking a careful review of the current tax system and introducing a tax reform program. With these, most Filipinos have remained hopeful and positive about the country’s economic growth. In recent years, the country has grown into one of the strongest economies in Asia.The World Bank indicated that the Philippine economy will continue to lead growth in East Asia economies because of robust domestic consumption, government spending and its improved transparency of building regulations.1 With domestic consumption on the rise and Filipino consumer confidence among the highest in emerging markets of the Southeast Asian region according to Nielsen’s Q1 2016 Global Consumer Confidence report, the consumer markets sector is considered to be a positive growth story in the Philippines today. The report likewise named the country as one of the four strong member states in the Asia Pacific region along with India, Indonesia and Vietnam, which have seen “increased foreign direct investment combined with strong domestic demand.” On KPMG R.G. Manabat & Co.'s 10th anniversary, we share with you our insights into one of the country's exciting sector - the consumer markets. Fuelled by optimism for its potential high growth, we partnered with the Institute for Development and Econometric Analysis, Inc. to explore the Philippines as Asia's rising star in this area. We also look at the demographics, urbanization and the changing consumption landscape affecting the industry. We hope that this guide will provide you with an overview of the consumer markets industry in the country with insightful knowledge for businessmen and investors looking to do business in the Philippines. 1 Doing Business 2017: Equal Opportunity for All. October 2016. 4 Philippine Consumer Market Report About the Institute for Development and Econometric Analysis The Institute for Development and Econometric Analysis, Inc. (IDEA), based in the UP School of Economics, is a non-stock, non-profit, and non-partisan organization dedicated to high quality economic research, instruction, and communication. It is committed to pursuing independent inquiry into the workings of the economy, propagating the techniques for doing such work, and communicating results of analytic studies to the public. IDEA counts among its network of researchers and fellows the country’s top economists, statisticians, allied social scientists, and business practitioners with a proven record of quality economic and statistical analyses; objectivity; and receptivity. IDEA brings together highly respected people from the government, the academe, the media, and the business community to sit in its Board. IDEA is also in partnership with various government and private institutions to provide products and services that are timely and useful to the business sector. These institutions include ISI Emerging Markets and the Philippine Statistics Authority. IDEA prides itself with its comprehensive analyses of industry and economic trends, and specialized research projects. Backed by highly competent staff and an up-to-date and extensive database of various economic and financial indicators, IDEA offers and provides products and services to a wide range of clients from the Philippine business scene. Philippine Consumer Market Report 5 Contributors Sharon G. Dayoan Hadassah May R. Cordero Asia’s Rising Star: Taking Stock and Looking Forward Sharon G. Dayoan is the Vice Chairman and Head of Audit of KPMG R.G. Manabat & Co. She has extensive experience in financial audits and handled the audit of several conglomerates in the country, specifically in the sectors of consumer markets, shared services and business process organizations, technology, media and telecommunications. She is a member of the Philippine Institute of Certified Public Accountants (PICPA) and the Philippine Interpretations Committee (PIC). Sharon is also a founding member of the Filipina CEO Circle (FCC), an organization comprised of dynamic and successful Filipina executive directors, top managers and powerhouses based in the Philippines who are committed to inspire and support future women leaders to achieve their career aspirations. Hadassah May R. Cordero is the Research Operations Manager of IDEA. She has previously served as a statistician in a market research company and has since then been involved in industry-related studies commissioned by both government and private corporations. She is one of the authors of the National Youth Assessment Study 2015, a project which was undertaken by IDEA and the National Youth Commission. She graduated from the BS Statistics program of the School of Statistics, UP Diliman and is currently pursuing an MS in Industrial Engineering in the same university. Darwin P. Virocel Jose Fernando S. Morales Consumption Spending and Economic Growth Darwin P. Virocel has over 18 years of experience in financial statement audit, risk management, design of internal control system and due diligence reviews of various companies in diverse industries such as mining, energy, oil and gas, manufacturing, service, retail and consumer, technology and business process outsourcing. He is currently the consumer markets sector lead of KPMG R.G. Manabat & Co. He has a broad knowledge and experience in both IFRS and US GAAP audit and review engagements and in the resolution of complex financial reporting and audit issues. He is also an experienced trainer on PFRS/IFRS. Jose Fernando S. Morales is a Research Associate of IDEA. He has an MA in Economics from the School of Economics, UP Diliman. His Master’s thesis focused on the intertemporal effects of electricity price changes on manufacturing production in the Philippines. While serving as a teaching fellow for an introductory Economics course in the School of Economics, he also worked part-time as a research assistant under the Energy Policy and Development Program (EPDP), a project supported by USAID. 6 Philippine Consumer Market Report Michael Arcatomy H. Guarin Paul Michael M. Paraguya Demographics, Urbanization and the Changing Consumption and Economic Landscape in the Philippines Michael Arcatomy H. Guarin is the Head of Deal Advisory group of KPMG R.G. Manabat & Co. Mike has over 14 years of experience in the areas of due diligence (buy side and sell side), mergers and acquisitions (M&A), valuation and audit. He regularly conducts financial due diligence work for potential investors in the areas of logistics, healthcare, BPO and consumer markets. Mike is an accredited KPMG valuations professional with extensive financial due diligence, model review and impaired loan advisory experience. He is also active in M&A and project advisory transactions.
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