Philippines Consumer & Retail Q1 2020
We expect private consumption in the Philippines to remain robust in 2020, supported by lower levels of inflation and atight labour market. The strong inflow of remittances into the country will support disposable incomes, further boosting consumerspending. We note the risks to our outlook stemming from weaker than expected external demand which could negatively affectthe labour market while tighter monetary conditions which could limit access to consumer credit.
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