Philippines Consumer Electronics Q1 2020
The core scenario is for sustained robust growth in consumer electronics spending growth in the Philippines over2020-2023 that will be enabled by rising wages and low inflation that sees an expansion of the middle class and a larger pool ofaffluent households develop over the medium term. In the context of the country's frontier status with relatively low devicepenetration rates, this will allow vendors to benefit from a volume growth engine and higher unit prices at the top end. There aredownside risks relating to the country's twin deficits, which makes the peso and purchasing power outlook vulnerable to global risk-off sentiment, and there are longer term risks related to increase economic links with China at a time of US disputes with Chinaabout trade and industrial policy.
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