Food, beauty products poised to ride consumption boom

ABS-CBN News

Posted at Oct 31 2017 10:50 AM

MANILA - Small businessmen selling food and beauty products are most likely to benefit from growing consumption that comes with a robust economy, a marketing consultant said Tuesday.

"I think one thing that’s always a guarantee to have a larger scale of success is, number one, food. You go to a mall nowadays, there are more restaurants than retail shops," MediaComm Solutions founder and CEO David Abrenilla told ANC. 

"The economy grows, we see people now having money we see they want to invest it back to themselves, vanity is a big market right now I would say," he said.

Micro, small and medium enterprises make up 99.5 percent of businesses in the Philippines, according to official data.

Abrenilla said MSMEs need to upgrade their expertise and access more financing to help them grow.