Private consumption remains the primary driver of the country’s economic growth, andthus a recurring theme for the Philippines. The pillars supporting its strength – remittanceand Business Process Outsourcing (BPO) – remains solid despite some concerns overslower growth or weakness. The dearth of consumer stocks in the market leads us to lookat various angles investors can play this consumption story.    A different kind of traffic. A country of spenders needs an outlet, and malls arethe natural catchment. To this end, the number of shopping malls to be openedper year is set to accelerate, with developers citing the ability of the metro tosupport a higher number of outlets. SMPH, ALI, and MEG are names to play this.    Higher ticket purchases. The rise in GDP per capita and lower loan rates meansspending has veered towards higher costing purchases. Housing pre-sales havepicked up this year, while car sales continue to set new records. ALI and MEG maybe the best way to invest in housing, while a proxy on cars may be the banks -- ledby the big 3, BDO, BPI, and MBT– is perhaps the best way to play the strong autosales trend.    Premiumization. In the Philippines, premium drinks, expansion of warehousemembership stores, or demand for premium snacks/food are examples of themove towards premiumization. PGOLD and URC would come under focus.    A (new) form of discretionary spending. The consumption angle can beplayed through the telco sector, as the wallet spend of consumers goes towardsdata. Globe Telecom may have the edge at this stage, though PLDT has asimilar proposition.

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