Phil Knowledge 3Q2015

7/24/2019 Phil Knowledge 3Q2015

1/12

Rental growth steady amidrise in future completionsJulius Guevara | Director, Research and Advisory Services | Philippines

Office

Delays in planned completions resulted in only four new office

buildings being completed in the third quarter, adding 45,431

sq m of net useable office space in Metro Manila. Colliers still

expects an all-time high 503,000 sq m of new office space by

the end of 2015. In the meantime, office rents in major business

districts in Metro Manila grew by an average of 1.8% during the

quarter, continuing robust rental growth seen since the start

of the year. However, estimated completions in 2016 and 2017will also reach new heights, putting pressure on both rents and

occupancy levels. Transactions with lower net effective rents

compared to the headline rates have already been observed.

Residential

Only three projects in the major CBDs were completed during

the third quarter, with two other projects sliding in their

delivery dates. In the fourth quarter, an additional 2,381 units

are expected, bringing the total to 6,209 units in 2015. With an

average of 7,466 units to be delivered annually from 2015 to

2019, total expected inventory in the five major submarkets will

amount to 100,622 units. Despite the slowdown in deliveries,vacancies have been observed to increase across the board due

Research &Forecast Report

PHILIPPINES3Q 2015

The Philippine economy recovered in the second quarter of

2015, growing by 5.6% after a slowdown in growth during

the first quarter. Out of the 5.6% growth, the services sector

contributed most with 3.5%, followed by the industrial sector with

2.1%; meanwhile the agriculture sector had a slightly negative

contribution of -0.5%. Government spending especially on public

construction is expected to drive growth even further in the

second half of the year until 2016, while election-related spending

is likely to support domestic demand until mid-2016. In the face

of slower growth due to a weaker global environment and the

effects of the El Nio phenomenon, major financial institutions

have already started to lower their end-2015 forecasts to the low6% range.

to recent completions which are now being put into the market.

Rental rates for premium residential condos in the major CBDs

meanwhile continues to grow, increasing by around 1.5% in

the theird quarter. Should the completion of an unprecedented

13,400 units in the major CBDs by the end of 2016 materialize,

Colliers foresees a downward correction in rental rates by as

much as 5%.

Retail

The retail stock in Metro Manila surpassed six million sq m as of

the 3rd quarter of 2015, growing by 0.69% from the first quarter.The new supply comes from expansions in fringe areas such as

the developments in U.P. Town Center (16,100 sq m) Robinsons

Novaliches (5,037 sq m), SM Center Sangandaan (Caloocan),

and Circuit Lane (Makati). All-time highs in new retail supply will

be seen in 2016, when over 720,000 sq m of leasable space are

scheduled to come online.

Market Indicators Q Q

OFFICE

RESIDENTIAL

RETAIL


2/122 Philippines Research & Forecast Report | 3Q 2015 | Colliers International

The Philippine economy rebounds to5.6% growth

The local economy accelerated during the second quarter of

2015 growing by 5.6%, after a slower first-quarter rate of 5.0%.

A rebound in government spending (+3.9%) was observed

along with a robust performance in investments (+17.4%)

and household consumption (+6.2%). Government spending

especially on public construction is expected to drive growth evenfurther in the second half of the year until 2016, while election-

related spending is likely to support domestic demand until mid-

2016. Together with most of the major economies in the region,

exports continued to decline (-3.7%), as weak external demand

particularly for exports of agro-based and mineral products

remained prevalent.

On the production side, the services sector remained the leading

growth contributor (+6.2%), followed by the industrial sector

(+6.1%). Majority of the growth contributors for the services

sector came from Other Services (not accounted, +9.0%); Real

estate, renting, and business activities (+6.8%); and Trade

(+6.1%). Conversely, the agricultural sector (-0.5%) had negativegrowth as the effects of the El Nio phenomenon in several

provinces led to intense heat and the lack of irrigation for crops

during the quarter.

Despite the slight recovery, economic growth was still below the

5.7% target and lower than the 6.7% recorded in the same period

last year, as a consequence of weak global demand especially

from major trading partners, as well as the lower agricultural

production. Several institutions have already trimmed their

growth forecast for 2015, with World Bank lowering it by 70

basis points (5.8%), IMF by 20 basis points (6.0%), and Credit

Suisse by 30 basis points (6.1%); all in line with the downward

adjustment of 6-6.5% made by the National Economic and

Economic Growth Indicators

Economic Indicators

* Q * Q

Gross National Product 6.10 6.00 6.50 8.40 3.20 6.40 7.50 5.78 4.2 5.0

Gross Domestic Producta 6.60 4.20 1.10 7.60 3.90 6.80 7.20 6.11 5.0 5.6

Household Final Consumption

Expenditure

4.60 3.70 2.30 3.40 6.10 6.60 5.70 5.40 5.95 6.18

Government Final ConsumptionExpenditure

6.90 0.30 10.90 4.00 1.00 15.50 7.70 1.70 1.71 3.90

Capital Formation (0.50) 23.40 (8.70) 31.60 8.10 (5.30) 29.90 5.40 11.56 17.40

Exports 6.70 (2.70) (7.80) 21.00 (4.20) 8.50 (1.10) 11.30 6.42 3.67

Imports 1.70 1.60 (8.10) 22.50 0.20 4.90 5.40 8.70 8.73 12.67

AHFF b 4.70 3.20 (0.70) (0.20) 2.70 2.80 1.10 1.60 1.11 -0.55

Industry 5.80 4.80 (1.90) 11.60 2.30 7.30 9.30 7.90 5.52 6.15

Services 7.60 4.00 3.40 7.20 5.10 7.40 7.20 5.90 5.42 6.18

Average Inflationc 2.90 8.30 4.10 3.90 4.60 3.20 3.00 4.10 2.40 1.70

Budget Surplus/Deficit (PhP Bn) (12.40) (68.10) (298.50) (314.40) (197.70) (242.80) (164.10) (73.09) (33.50) 47.30

PhP:US$ (Average) 46.10 44.70 47.60 45.10 43.31 42.09 42.45 44.40 44.45 44.98

Average 91-Day T-Bill Rates (%) 3.40 5.20 4.00 3.70 1.37 1.58 0.32 1.24 1.46 1.94

Source: Philippine Statistics Authority, Bangko Sentral ng Pilipinas, Bureau of Treasuryaat constant 2000 prices

bAgriculture, Hunting, Forestry, Fishingcat constant 2006 prices

*Revised figures

Development Authority (NEDA). Nevertheless, the Philippines is

still among the highest performing Asian economies, after China

and Vietnam.

Banks maintained its tightening of real estate lending during the

third quarter due to the stricter oversight on their real estate

exposure, as reported by the Bangko Sentral ng Pilipinas (BSP).

However, lending to the property sector grew by 27% YoY to

PhP1.18 trillion, 65% of which are concentrated in commercial

real estate loans, and the remaining 35% in residential loans.

Non-performing loans (NPLs) in real estate further decreased

to 2.3% of the total real estate loan portfolio, most likely due to

stricter BSP monitoring to deter any potential property bubbles

from forming. Domestic consumption remained stable, although

OFW remittances as of August 2015 amounted to USD16.21

billion (4.1% YoY), rising less than the 6.0% recorded in the same

period last year.

OFW Remittancesa

Source: Bangko Sentral ng Pilipinas aas of August 2015



Land values continue to rise amidheightened development pace in theCBDs

Land values in the Makati CBD accelerated in the third quarter

of 2015 by 2.43% to an average PhP463,700 per sq m.

Meanwhile, the rapid escalation of values in Fort Bonifacio has

somewhat tapered in the period, slowing by 1.52% to an averagePhP400,100 per sq m. Surprisingly, land value growth in Ortigas

Center outpaced the established districts, growing by 4.71% in

the quarter to PhP172,700 per sq m, owing to new developments

within and along the periphery of the district. Aside from the

new Estancia Township by Ortigas & Company, Megaworld and

Robinsons Land have unveiled plans for its respective Arcovia

City and Bridgetowne township projects along C-5, adding

pressure on land prices in and around Ortigas Center.

Comparative Land Values (PhP / sq m)LOCATION Q Q % CHANGE (QOQ) Q F % CHANGE (YOY)

Makati CBD 333,000 - 572,000 340,000 - 587,000 2.43% 357,000 617,000 5.09%

Ortigas Center 127,000 - 203,000 130,000 - 215,000 4.71% 135,000 -224,000 4.06%

Fort Bonifacio 277,000 - 511,000 281,000 - 519,000 1.52% 293,000 - 544,000 4.67%

Source: Colliers International Philippines Research

Land Values




Issued licenses for affordable housingon the rise

As of August, total licenses to sell issued by the Housing and

Land Use Regulatory Board (HLURB) decreased by 15.35% to

237,697 compared to the same period last year. A drop in the

issuances of non-residential properties, mainly from memorial

parks and parking units, largely account for the overall decrease.A noticeable shift from the previous year is the growing number

of new applications for the low income housing segments. The

number of licenses for socialized housing doubled as of August

2015 YTD from the same period in 2014 to 19,107 units. A

significant rise in applications for licenses was also seen in the

mid-income housing (+56.58%) and low cost condominiums

(22.18%). The price ceiling for economic housing was recently

raised from PhP1.2 million to 1.7 million by the Housing and

Urban Development Coordinating Council (HUDCC), but its effects

may not yet be seen as of this reporting period.

Applications for mid- and high-end condominiums on the

other hand have seen a similar decline, dropping by 13.1% to42,700 units for the first eight months of 2015. Developers

have gradually been shifting to less expensive products such as

affordable horizontal projects in an effort to tap unserved housing

demand in these markets. Likewise, the significant number of

unsold condominium units has deterred developers from a wide

scale launch of new projects. Still, this mid- and high-end condo

segment accounts for the largest share of the total licenses

(17.9%) issued in the period.

HLURB Licenses to Sell

Source: Housing and Land Use Regulatory Board

HLURB Licenses to Sell

SEGMENT JAN AUG ' JAN - AUG ' % CHANGE YOY

Balanced Housing Compliance Units 17,350 9,430 -45.65%

Socialized Housing 9,495 19,107 101.23%

Economic Housing 34,007 34,242 0.69%

Mid Income Housing 2,699 4,226 56.58%

Open Market Housing 18,702 15,822 -15.40%

Low-Cost Condominium 2,124 2,595 22.18%

Mid- and High-End Condominium 49,136 42,700 -13.10%

Commercial Condominium 1,732 2,293 32.39%

Farmlot - 40 -

Memorial Park 123,446 91,378 -25.98%

Industrial Subdivision 202 177 -12.38%

Commercial Subdivision 216 302 39.81%

Total (Philippines) 280,786 237,697 -15.35%

Source: Housing and Land Use Regulatory Board



OFFICE

Delays in completions pushesprojected end-2015 new supplydownwards

Four office buildings were delivered during the third quarter of

2015, providing an additional 45,431 sq m of net useable office

space in Metro Manila. Majority of the new supply introduced in

the quarter was comprised by Tera Tower (29,007 sq m) located

in Robinsons Lands Bridgetowne (project along C-5 Avenue in

Quezon City.

Several planned projects were pushed back in terms of

completions to 2016 and 2017, resulting in a reduction of around

50,000 sq m for the new supply forecast for the fourth quarter.

Still, Colliers expects around 503,000 sq m of new office space

by the end of 2015. If developer timetables are met, overall office

supply in Metro Manila will increase to 9.5 million square meters

by the end of 2018.

Vacancies remain low in establishedCBDs for now

Office vacancy in the Makati CBD market rose slightly to 2.14%

during the third quarter of 2015 due to some vacancy increases

in Grade B buildings. While premium buildings continued to be

tight with a vacancy of 0.35%, Grade A office space improved

to 5.8% as leasable floors in the Alphaland Makati Tower (Tower

6789) in Ayala Avenue started to be absorbed. Space in Grade

B buildings also remained scarce with vacancies less than 1%.

Other established business districts in Metro Manila also saw

stronger leasing activity during the quarter, office vacancies in

Ortigas Center lowered to 2.1%, and Fort Bonifacio vacancies

remained stable at 3.6%.

While demand from both traditional and BPO office occupiers are

seen to grow steadily, all-time highs in office space completions

are slated each year from 2015 to 2017, surpassing the projected

demand. Thus, Colliers anticipates a rise in vacancies until 2017

if all planned office projects are completed according to schedule.

Makati CBD vacancies are anticipated to rise to 4.4% by the end

of 2016, while vacancies in Fort Bonifacio, where 43% of the new

stock for the year will be located, is seen to climb to 10.8%.

Forecast New Office Supply (Net Usable Area)

LOCATION END OF * F F F F TOTAL

Makati CBD 2,847,397 2,287 - - 60,200 2,909,884

Ortigas 1,298,773 81,509 60,287 14,393 39,290 1,494,252

Fort Bonifacio 975,157 186,910 315,370 339,656 183,227 2,000,320

Eastwood 300,264 - - - - 300,264

Alabang 378,271 - 91,106 35,004 23,268 527,648

Mandaluyong 284,550 - - 142,153 - 426,703

North Edsa - Triangle 322,286 24,947 119,049 36,900 - 503,182

Pasay City - Reclamation 186,203 71,219 78,922 25,385 51,569 413,298

Other Locations** 399,886 136,360 69,032 189,035 220,473 1,014,786

Total 6,992,787 503,231 733,765 782,526 578,027 9,590,337

Makati CBD vs. Metro Manila Office Stock


Makati CBD Comparative Office Vacancy Rates (%)

Q Q Q F

Premium 0.69 0.35 0.11

Grade A 6.85 5.78 6.42

Grade B & Below 0.50 0.70 4.09All Grades 1.85 2.14 4.06





Influx of new supply seen to dampenrents

Office rents for major business districts in Metro Manila rose by

an average of 1.8% during the quarter, continuing robust rental

growth seen since the start of the year. Premium buildings in the

Makati CBD saw rates increase by almost 4% as the extremely

low vacancy rate for the segment pushed rates further. On theother hand, more stable rental growth was seen during the period

for both Grade A (+1.23%) and B (+1.39%) segments.

However, the strong leasing activity experienced throughout

much of the year is expected to taper as the huge influx of

new supply is expected to impact overall vacancy. Colliers has

already observed some developers close leasing deals for new

buildings in the fringe areas with net effective rents that are

significantly lower than their headline rates through more free

rent or a softening in common area charges. This is likely due to

the developers recognition of the high levels of upcoming supply

in the next couple of years, and they would rather put contracts

Office capital value growth to outpacerents

While office capital value growth slowed during the third quarter

in Makati CBD for both Premium (from 1.8% to 0.4%) and Grade

A (from 1.8% to 0.9%), strong capital appreciation was seen in

Ortigas Center, where strata-titled office spaces in the secondary

market had growth of about 3.3% for Grade A and 2.9% for

Grade B properties. Grade A office in Fort Bonifacio also grew by

around 2% during the quarter.

Even with the expected correction in rents, capital values are

forecasted to grow in some categories and areas, albeit at aslower pace. While excess supply puts pressure on rents and

vacancy rates, the economy in general is still seen to grow,

counteracting any large declines in values. Furthermore, declining

land bank options within these areas will continue to place an

upward pressure on building values.

in place at lower rates today rather than risk having their spaces

vacant for an extended period of time. Thus, Colliers sees rents

to start correcting on a wider basis through 2016.

Makati CBD Office Supply and Demand


Comparative Rental Rates (PhP/sq m/month)

Makati CBD (based on net usable area)

GRADE Q Q % CHANGE (QOQ) Q F %CHANGE (YOY)

Premium 1,035 1,369 1,100 1,400 4.0 1,076 1,350 -2.96

Grade A 717 - 1,071 717 - 1,093 1.2 698 1,067 -2.48

Grade B 568 - 797 574 - 810 1.4 569 - 807 -0.56


Comparative Office Capital Values (PhP/sq m)

Makati CBD (based on net usable area)

GRADE Q Q % CHANGE (QOQ) Q F %CHANGE (YOY)

Premium 150,000-171,000 150,000-173,000 0.40 151,000-176,000 1.26

Grade A 87,000-120,000 87,000-122,000 0.90 86,000-122,000 -0.15

Grade B 63,000 87,000 63,000 91,000 2.90 65,000 98,000 5.28


Makati CBD Office Capital Values




RESIDENTIAL

Expected delays in completion lowersnew supply forecast for end-2015

Only three projects in the major CBDs were completed in the

third quarter, with two other projects sliding in their delivery

dates. The buildings that were completed are The Meranti atTwo Serendra (800 units) in Fort Bonifacio, and The Robinsons

Land Sapphire Residences Tower 1 (410 units) and SM Shine

Residences (712 units) in Ortigas Center. No new residential

developments are expected to be completed in Eastwood and

Rockwell for the rest of 2015, while an additional 2,381 units are

still expected next quarter in the major CBDs.

With an average of 7,466 units expected to be delivered annually

from 2015 to 2019, total expected inventory in the five major

submarkets will amount to 100,622 units. About 93% of the new

supply introduced from 2015 to 2019 in the major CBDs shall be

located in Makati CBD, Fort Bonifacio, and Ortigas - with Fort

Bonifacio still with the highest new supply, delivering 19,150 unitsin the next four years.

Makati CBD Comparative Residential Vacancy Rates (%)

Q Q Q F

Luxury 3.85 4.40 5.01

Others 4.65 8.84 10.92

All Grades 7.64 8.26 10.19

Source: Colliers International Philippines Research * revised figures

Forecast Residential New Supply

LOCATION END * F F F F F TOTAL

Makati CBD 18,337 1,000 4,148 2,962 1,072 598 28,117

Rockwell 4,159 346 492 269 5,266

Fort Bonifacio 19,427 2,779 6,931 4,125 2,831 2,482 38,575

Ortigas 13,820 2,430 1,355 899 422 570 19,496

Eastwood 7,548 988 632 9,168

Total 63,291 6,209 13,422 8,332 5,449 3,919 100,622


Makati CBD Residential Stock


Makati CBD Residential Vacancy




New residential supply puts upwardpressure on vacancies

Despite the slowdown in deliveries, vacancies have been

observed to increase across the board due to recent completions

which are now being put into the market, presumably after the

owners have fit out their units. Unlike the improvements seen in

residential vacancies last quarter, a different story is unravelingin Makati CBD as the overall vacancy rate rose by 62 basis points

(8.26%), with Grade A property vacancies rising by 55 basis

points to 4.4%. Overall vacancies in Fort Bonifacio also increased

by almost 1%, while Ortigas Center vacancies have returned to

double-digit territory with a 10.1% vacancy. On the other hand,

the lack of new completions have led to a further reduction in

vacancy rates in Rockwell to around 3.7% overall.

Residential rents remain stable in 3Q

2015An average rental growth rate of 1.5% was observed during 3Q

2015 for premium residential condominium property in the major

CBDs. The average monthly rent for premium three-bedroom

units in Makati CBD amounted to PhP875 per sq m for the period,

higher by 1.57% QoQ; along with Fort Bonifacio which also

increased by 1.26% QoQ (PhP882 per sq m). Growth in rents

was highest in Rockwell at 1.82% QoQ (PhP951 per sq m).

Should the completion of an unprecedented 13,400 additional

units in the major CBDs by the end of 2016 materialize, Colliers

foresees a downward correction in rental rates by as much as

5% by the end of 2016. With an estimated 60,000 units being

completed in the entire Metro Manila area by the end of 2015,

plus another 51,000 units in 2016, leased condominium units in

the fringe areas will compete with available units in the major

CBDs. However, worsening traffic conditions have made renting

residential units in the CBD a more practical proposition for

employees during the weekdays; this phenomenon may soften the

impact of a more competitive leasing environment amid elevated

levels of condominium stock.

Metro Manila Residential CondominiumComparative Luxury 3BR Rental Rates (PhP/sq m/month)

LOCATION Q Q % CHANGE (QOQ) Q F %CHANGE (YOY)

Makati CBD 588 - 1,135 595 - 1,155 1.57 573 - 1,118 -3.39

Rockwell 769 - 1,099 804 - 1,098 1.82 792 - 1,076 -1.79

Fort Bonifacio 672 - 1,070 681 - 1,083 1.26 658 - 1,048 -3.25


Makati CBD Comparative Residential Lease Rates forExclusive Villages (PhP/month)

3BR - 4BR, Unfurnished to Semi-Furnished

VILLAGE LOW HIGH

Forbes Park 250,000 600,000

Dasmarinas Village 250,000 500,000

Urdaneta Village 230,000 350,000

Bel-air Village 200,000 300,000

San Lorenzo Village 120,000 250,000

Magallanes Village 150,000 250,000

Ayala Alabang Village 130,000 280,000


Prime 3BR Units Residential Rents




Capital values rises in pace with rentalgrowth during the third quarter

Capital value growth for residential condominiums in the

secondary market slowed down slightly in all CBDs during the

third quarter of 2015. Makati CBD condo values grew by 1.1%

during the quarter, while Fort Bonifacio values grew similarly at

1.07%. On the other hand, Ortigas Center condo value growth

was flat. While Rockwell Center residential property growth was

still the highest compared to the other major CBDs, the growth

rate slowed down from almost 3% during the second quarter

to a growth rate of 1.3%. Should rents correct over the next 12

months due to the anticipated level of additional condo supply, a

similar correction will be seen in capital values, leading to flat to

slightly negative value growth.

Comparative Residential Lease Rates (High-Rise)

3BR, Semi Furnished to Fully Furnished

LOCATION MINIMUM AVERAGE MAXIMUM

Apartment Ridge/Roxas Triangle

Rental Range (PhP/month) 130,000 190,000 230,000

Average Size (sq m) 230 282 309

Salcedo Village



Legaspi Village



Rockwell



Fort Bonifacio




Prime 3BR Units Residential Capital Values


Metro Manila Residential Condominium

Comparative Luxury 3BR Capital Values (PhP / sqm)LOCATION Q Q % CHANGE (QOQ) Q F %CHANGE (YOY)

Makati CBD 104,000 - 194,000 106,000 - 196,000 1.12 106,000 - 196,000 -0.04

Rockwell 119,000 - 198,000 121,000 - 201,000 1.28 121,000 - 201,000 0.31

Fort Bonifacio 114,000 - 182,000 114,000 - 185,000 1.07 114,000 - 187,000 0.51




RETAIL

Retail stock reaches six million squaremeters; record-high supply in 2016

The retail stock in Metro Manila surpassed six million sq m as

of the third quarter of 2015, growing by 0.69% from the first

quarter. The new supply comes from expansions in U.P. TownCenter (16,100 sq m) and Robinsons Novaliches (5,037

sq m) as well as from new developments such as Dragon8

Shopping Center (16,500 sq m) and BGC Stopover Pavilion

(3,500 sq m). Two recently opened developments in October

2015, SM Center Sangandaan (Caloocan) and Circuit Lane

(Makati), contributed over 35,000 sq m of new retail space and

are expected to wrap up completions for 2015.

The year 2016 will bring in an unprecedented influx of new retail

supply in Metro Manila. Over 720,000 sq m of leasable space

are scheduled to come online by the end of next year. Major

contributions include the expansion of SM Mall of Asia (200,000

sq m) and Ayala Lands new malls. The developer plans to openover 180,000 sq m of retail space next year with the opening of

Paradigm in Pasig, South Park District Mall in Muntinlupa Vertis

Mall in Quezon City, Park Triangle Mall in Bonifacio Global City

and the second phase of U.P. Town Center also in Quezon City.

Megaworld, Federal Land and Filinvest Land are also expected to

contribute to the retail supply in 2016.

Stronger leasing activity keepsvacancy rates low

Retail vacancy rates in Metro Manila continue to be low (0.42%),

with super-regional malls at near full occupancy while regionalmalls improved to 1.58% from 4.17% in the first quarter. Demand

for retail space continues to come from international fashion and

apparel brands such as H&M which in particular, is still looking to

expand its current portfolio of seven stores in Metro Manila.

Malls within major CBDs to maintainsteady rental growth

Rental rates for malls in both the Ayala Center and Ortigas

Center remained steady in the third quarter. Average rents in

Ayala Center reached PhP1,465 per sq m per month, higher

by only 2.81% compared to the first quarter. Malls in Ortigas

Center posted an average lease of PhP1,290 per sq m per month,

a growth of 1.18% from the first quarter. Colliers anticipates

a steady rental growth in 2016 as strong retailer demand

continues.

However, escalations are expected to be capped at 5% as the

large retail supply coming in next year will be taken into account.

Metro Manila

Comparative Retail Vacancy Rates (%)

Q Q

Super Regional 1.53 0.42

Regional 4.17 1.58

Makati Monthly Retail Rents


Ortigas Monthly Retail Rents





Consumption accelerates amidst lowprices and bullish consumer outlook

Domestic consumption remained stable for the second quarterof 2015 despite lower recorded remittance inflows (+4.1%).

Stronger economic fundamentals such as the continued low

prices of consumer goods, improving employment figures and

a more bullish consumer outlook buoyed spending for much of

2015. According the latest BSP consumer survey, consumers

confidence for the succeeding 12 months remains positive.

Consumption spending is expected to further accelerate with

the onset of the Christmas holidays despite the onset of the El

Nino weather phenomenon and the effects of the recent Typhoon

Lando.

Retail Stock

Metro Manila

CLASSIFICATION Q * Q %CHANGE (QOQ) Q F %CHANGE (YOY)

Super Regional 3,657,635 3,657,635 0.00 3,657,635 0.00

Regional 1,032,374 1,037,411 0.49 1,037,411 0.00

District/Neighborhood 1,280,909 1,317,087 2.82 1,463,357 11.11

All Levels 5,970,917 6,012,132 0.69 6,158,402 2.43


Consumer Spending Growth Rate (%)



12/12

Copyright 2015 Colliers International.The information contained herein has been obtained from sources deemed reliable. Whileevery reasonable effort has been made to ensure its accuracy, we cannot guarantee it. Noresponsibility is assumed for any inaccuracies. Readers are encouraged to consult their

Colliers International | Philippines11F Frabelle Business Center

111 Rada Street Legaspi VillageMakati City 1229 Philippines+632 888 9988colliers.com/philippines

David A. YoungManaging DirectorPhilippines+632 888 [email protected]

Julius GuevaraDirectorResearch and Advisory+632 858 9050

[email protected]

Mark Kevin LagunillaAnalystResearch and Advisory+632 858 [email protected]

Randolf IlawanResearch AssistantResearch and Advisory+632 888 [email protected]

FOR MORE INFORMATION

Date post:	20-Feb-2018
Category:	Documents
Upload:	noiraddict
View:	217 times
Download:	0 times

Phil Knowledge 3Q2015

Documents