THE YEAR 2010 stands to be even better for a number of sectors that are expected to be among the first to feel the glorious return of investments into the local economy, and the opening wide of wallets that were shut tight when the global recession slammed the brakes on spending in 2008.
Bernie Liu, president of the Philippine Retailers Association, said retailers expected to post a growth in sales and profit this year after hardly any increase in sales in 2009.
The first half of 2009 was very bad coming off 2008 when the US economy ? and consequently the rest of the world ? went into a tailspin. Some recovery was seen in July and August, but it disappeared with the onslaught of several destructive typhoons. In December, sales started creeping up as the economy did not turn out to be as bad as expected.
The Philippines? Gross Domestic Product ? the sum of all products and services produced within the country?s borders ? is expected to grow by around one percent this year, and then accelerate by as much as four percent in 2010.
Liu says that consumers are expected to come back in a big way since the Philippines did not sink into a recession as earlier feared, and remittances from Overseas Filipino Workers just kept coming.
As for sectors, Liu says food was, still is, and will always be a constant growth area. Everybody needs to eat, after all.
?Shelter and construction will also increase in activity as Filipinos prefer to invest their savings, which have been improving, on housing, a tangible asset,? says Liu.
?Clothing and accessories that offer value will pick up due to slight improvements in economic condition plus sustained OFW remittances,? adds Liu, who is also chief executive officer of the ABC Group, which owns such brands as Penshoppe, Oxygen, Memo and Regatta.
Lex Ledesma of The One School, which seeks to produce young entrepreneurs, sees good profit prospects for companies involved in making the world a ?greener? place.
These include appliance manufacturers selling more environment-friendly and energy-efficient appliances, retailers selling products safer for the environment, as well as individual consultants who can help people and companies achieve a more sustainable lifestyle.
Ledesma also expects investments in wellness and alternative medicine to pay off in 2010.
With Filipinos living at an ever-increasing pace, the need to sit back and relax becomes more pressing. This translates to good news for spas, salons and resorts selling wellness packages. And with Filipinos embracing concepts of more traditional medicine to cure their chronic ills, resorts selling wellness and medical packages should also do well.
Meanwhile, Anna Marie Periquet, chairperson of the Young Entrepreneurs Group of Asia, Pacific, says that both the government and the private sector are working on a roadmap for the business sector in 2010.
Both have identified four basic areas of focus, namely: food security, infrastructure, reengineered education and energy.
?Difficult times require innovative businesses that create realizable, long term plans to ensure their sustainability and survival,? says Periquet, ?Businesses focusing on these four areas, therefore, appear to be the vital engine for economic activity stimulation in the coming year.?
Periquet likewise sees robust growth in the tourism industry next year since the private sector is taking concrete steps to promote domestic tourism.
Data from the Department of Tourism are bearing this out as in the third quarter, considered the local tourism industry?s lean season, tourist arrivals grew by 17 percent to 5.2 million.
?By encouraging Filipinos to explore the Philippines instead of traveling abroad, consumer spending will be boosted locally. This should give business to local entrepreneurs involved in the travel industry that would filter down to other business sectors like food, transportation and handicrafts,? Periquet adds.
