Thai oil exec sees bright prospects in Phl retail sector

MANILA, Philippines - The spending habits of Filipinos continue to fuel the country’s retail sector, making the industry a bright prospect for investment, a ranking oil company executive said.

At a recent business forum and networking in Manila hosted by Thailand’s Department of International Trade and other agencies, PTT Philippines Corp. president and chief executive officer Wisarn Chawalitanon urged investors to consider investing in the Philippines, particularly on retail business.

 â€œFilipinos’ shopping and spending habits are obviously driven by the Philippines’ economic growth. And this is the best time for investors to come in and invest especially on retail business,” Chawalitanon said.

In the second quarter of the year, the economy grew 7.5 percent, matching the pace of China  as the fastest growing economies in Asia.

Chawalitanon cited a study made by the Bangko Sentral ng Pilipinas (BSP) that showed only one of four Filipino households has savings.

According to the BSP study, only 24.5 percent of the respondent households reported to have savings, and two of three of those have bank accounts.

 â€œMiddle income level is into consumer good spending and there’s a lot of impulse buying that makes Philippine retail a growing market,” Chawalitanon said.

He said one company that has expanded into the retail business is PTT Philippines Corp., the local subsidiary of Thailand’s biggest oil firm – PTT Public Co. Ltd.

PTT expanded its operations into retail business after starting out its operations with the commercial trading of fuels.

To date, PTT has 65 service stations nationwide and more are scheduled to open by the end of the year.