Ayala Malls unfazed by slowed consumption, economic risks

AYALA MALLS said it is continuing its expansion plans amid softer consumer sentiment, citing the Philippines' consumption-led economy and the resilience of the retail sector as factors that will help support demand in its malls.

- By Beatriz Marie D. Cruz

"I think we are an economy that is built on consumption," Ayala Malls Chief Operating Officer Paul Birkett told BusinessWorld on the sidelines of an event last week.

"As long as we can keep what we're building in malls alive, relevant, and invigorating, if people are going to spend thousands on certain things, why do they have to go to Japan to spend it?"

Household final consumption expenditure grew by a slower 4.1% in the third quarter, easing from 5.3% in the second quarter. This brought the nine-month average to 4.9%, data from the Philippine Statistics Authority showed.