THE FORECAST was bright for 2008 ? they said it would be a good year; and it wasn?t. The dismal collapse of Lehman Brothers in the second semester had the global economy almost screeching to a halt. On such a backdrop, no one was willing to bet 2009 would be better. A safe forecast would have put it at ?a very bad year.?

But it turned out to be the opposite.

Sure, the Philippines is expected to end the year with less than a two-percent growth in economic output. But that?s remarkable considering that the Philippines, Indonesia, and Vietnam have escaped a recession almost unscathed in this part of the world.

The United States is still trying to get back on its feet. And so is Europe. The Philippines, on the other hand, still expects to record a growth, no matter how conservative.

But everybody in business knows that even in the worst of times, there will always be winners. And this year ? marked by an economic slowdown, devastating floods not seen in 40 years and a horrifying massacre of journalists in Maguindanao ? is no different.

Edgardo Lacson, president of the influential Philippine Chamber of Commerce and Industry, points to the food sector as a definite winner this year. In good times and bad, everybody still have to eat. And Filipinos are nothing if not natural-born diners, which explains why entrepreneurs are willing to risk their capital in food concepts of all kinds.

Mang Inasal, for instance, whose main offering revolves around Ilonggo-style grilled chicken and unlimited rice, accelerated its expansion program this year and is gearing up for a 300-branch network by next year. Filipino food chain Binalot did just as well this year, with its CEO Rommel Juan noting that the global economic slowdown did not deter the group?s expansion program.

?The fastfood segment made a comeback in 2009 because of the steadier commodity prices compared to the year prior," said Juan, who is also president of the Association of Filipino Franchisers Inc. "Traditional performers such as property, construction and the business process outsourcing sector likewise continued to do well,?
Armando Bartolome, a recognized expert in the local franchising industry, believes that the health and wellness sector likewise managed to pull in significant sales and profit in 2009.

?The health and wellness sector is number 1 as there are more firms that expanded operations this year, like Cory Quirino?s business,? explained Bartolome. ?I believe people are looking for a haven to feel and look good despite the challenging times.?

Also spurring growth in the sector is the Filipinos? growing desire to keep fit and healthy, considering how expensive it is to stay in a hospital or manage a chronic disease such as diabetes and hypertension.

Keeping mind and body healthy means making sure the rest of the physical attributes are cared for as well. That means continued growth for the beauty business, which covers everything from salons to spas and beauty products. As some consumers have observed, they may be down in the dumps because of the economic slowdown but they do not have to look the part. Investing in beauty and relaxation products and services are thus considered essential, recession or not.

Cathy Brillantes-Turvill, founder of Nurture Spa in Cavite and maker of Spa Essentials products, confirmed the uptrend in the beauty sector. Her spa products did very well this year, she said, which might also be due to greater demand from the overseas and local market.

Helping fuel the continued consumption of goods and services in the Philippines is the more than P800 billion sent by overseas Filipino workers (OFWs) to their families in the Philippines. Economists expressed fears at the start of the year that with the recession hanging over the United States, Europe and the Middle East where most OFWs work, local remittances would decline. But the reverse happened, with remittances managing to grow by 4 percent this year, helping ensure that the wheels of the economy would continue turning.

With such formidable purchasing power among consumers, the retail sector managed to post positive numbers this year. True, there was some pullback in spending in the first half because of uncertainties over the breadth and depth of the global recession, but the consensus that the worst is over snowballed as the year went on. Filipinos started spending again to the relief of retailers of such discretionary items as appliances, clothes and accessories.

Counted among the biggest spenders are the thousands of young workers employed by the country?s burgeoning business process outsourcing sector, truly a bright spot in the Philippines? economy this year and perhaps for years to come.

Partly because of the recession, companies in the United States and Europe were hard pressed to cut costs to preserve resources. One of the ways by which they did just that was to outsource some of their operations, such as customer care and accounting, to countries with a lower labor cost. The Philippines benefited greatly from this trend, as this meant jobs for thousands of young Filipinos who are only too happy to pamper themselves and splurge on the latest fashion trends.

Combine the positive effects of growing remittances and an expanding BPO sector, and the Philippines is looking at a banner year in 2010, with the May elections providing that extra boost that comes every four years.