Conclusion。    Recent meetings with three experts in their respective fields have lent furthersupport to our overweight view on the Philippines. The experts largely refutemost macro concerns from investors and also put in perspective the lessthan-stellar corporate earnings results in the last 2Q17season.。    Impact。    Expert 1: The Nielsen Company. The main area of discussion was theconsumer sector, and they believe that consumption would be showingimprovement after a 2Q17hampered by a high base related to elections.While competition is as intense as ever, the oft-cherished goal of manyconsumer companies of premiumisation is gradually happening. This is aproduct of rising income levels, where key macro drivers of remittances andoutsourcing are intact.。    Expert 2: Colliers Philippines. As one of the longest established property。    consultants in the country, the most pleasant surprise came from the bigimprovement in the outlook for the office sector. In addition to new-founddemand coming from offshore gaming, demand from BPOs have recoveredquite well in 2Q17. Furthermore, residential property has also performed wellthrough much stronger take-up, with the best performance coming from highendand affordable segments.。    Expert 3: Asian Development Bank. As an entity that has worked very。    closely with previous governments in the Philippines, dating back decades,they think that infrastructure spending will indeed increase and projects rolledout faster than they have in the past. The current government is the first tohave fully sought out ADB’s technical knowhow and regional expertise.。    Outlook。    We keep our overweight view of the Philippines while revising our preferences– moving the property sector from neutral to overweight, while lowering ourview of the banking sector from overweight to neutral. We have also addedMPI and MEG to our list of top picks, in place of GTCAP and BPI. MPI wouldnow be our number-one pick in the Philippines, thanks to strong earningsmomentum driven by an improvement in the regulatory landscape andinfrastructure sentiment.。

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