The Philippines’s strong economic growth in recent years has helped thrust domestic consumption, especially for luxury commodities.

According to statistics by the World Bank (WB), the country’s economic growth soared from 3.6 percent in 2011 to 7.2 percent in 2013, ranking second among Asian nations after China.

The Philippines ’s per capita GDP also saw a stable surge, from 1,832 USD in 2009 to 2.765 USD last year.

Automobile industry is one of the sectors reaping the biggest sales thanks to local people’s better financial ability. Vehicle sales grew by 21.4 percent to 32,470 units in the first two months of this year.

President of the Chamber of Automotive Manufacturers of the Philippines Inc (CAMPI) Rommel T. Gutierrez said the economic growth is a good signal for the sector. The company has lifted its car sales target to 250,000 units in 2014 instead of 230,000 it set previously.

A recent survey conducted by Euromonitor International, a global market investigator, shows that the sales for luxury consumer goods in the Philippines has went up remarkably as many people, especially women, have found stable jobs in the context of the country’s stable economic performance.

At the same time, luxury and high-end housing segments have also become a lucrative market for real estate investors.-VNA