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Article: Worst over for pinoy Retailers
- Article from:
- The Manila Times
- Article date:
- August 14, 2009
- Author:
CopyrightCopyright Content Parnership Pty Ltd Aug 14, 2009. Provided by ProQuest LLC. (Hide copyright information)
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PHILIPPINE retailers on Thursday declared that the "worst is over" for them since they expect moderate growth this year and a possible recovery next year, citing strong overseas Filipino workers' (OFWs) remittances and growth in the business process outsourcing (BPO) and tourism sectors.
At the sidelines of the 18th National Retail Conference, Jorge Mendiola, chairman of Philippine Retailers Association, said that the retail industry is expected to grow at a high single digit growth this year.
In 2008, the whole industry grew between 2 percent and 3 percent, Mendiola added.
The retail sector contributes an average of 12 percent to 15 percent to the country's Gross Domestic Product ...