Why i founded BUDOTS MEDIA and what is my long term vision.

Setting up an advertising and media company in the Philippines makes sense given the current economic and demographic trends in the country.

Economically, the Philippines is experiencing robust growth, with a 6.4% increase in the first quarter of 2023, and the economy is projected to grow at a rate of 6.0% for the year 2023​¹​. The growth is driven by strong domestic demand, and the country has a medium-term fiscal consolidation plan that is on track. The economic recovery is set to support poverty reduction, although there is a shift towards low-productivity jobs​¹​.

The demographics of the Philippines also present a compelling case for establishing an advertising and media company. The country has a young population, with about 64% of people between the ages of 15 and 64 years. This young demographic can significantly contribute to economic recovery and growth, as they are likely to be more open to new products, services, and ideas, which is a boon for the advertising and media industry​²​.

Consumer spending is projected to grow by 5.5% in 2023, slower than the 8.2% growth forecast in 2022, but still demonstrating a healthy expansion​³​. Consumer confidence has improved in line with the economic recovery from the effects of the pandemic, which suggests a greater potential for consumer spending​³​.

The strong labor market has been a major driver of consumer spending expansion, which is expected to continue. Governments have been supportive of local labor markets, leading to significantly tight markets that have pushed up nominal wages​³​. The unemployment rate is projected to settle at 5.4 percent for the full year of 2023, and remittances from overseas Filipino workers continue to be an important source of income for many households​³​.

However, it’s important to take note of the existing challenges as well. Income disparity, urban congestion, and slum communities are societal issues that need addressing​²​. Also, one out of five Filipinos expressed desires to move abroad, which may affect the labor market and spending power in the long run​²​.

Overall, the economic growth, young demographic, and increasing consumer spending power make the Philippines an attractive market for an advertising and media company.

Links and sources

facebook.com/budots.media
instagram.com/budots_media
https://budotsmediaph.com/

here are the sources referenced in the article:

1. World Bank. (2023). Highlights of the Philippines Economic Update June 2023: Securing a Clean Energy Future. Retrieved from www.worldbank.org​“oaicite:{“number”:1,”metadata”:{“title”:”Highlights of the Philippines Economic Update June 2023: Securing a Clean Energy Future”,”url”:”https://www.worldbank.org/en/country/philippines/publication/highlights-of-the-philippines-economic-update-june-2023-securing-a-clean-energy-future”,”text”:”Philippine Economy \n\n * Robust domestic demand fueled 6.4 percent growth in the first quarter of 2023, countering weaker global demand.\n * After peaking in early 2023 inflation fell to 6.1 percent in May after the BSP tightened monetary policy, although it remains well above peer countries in ASEAN.\n * The medium-term fiscal consolidation plan is broadly on track with the fiscal deficit in 2022 narrowing to 7.3 percent of GDP and national government debt stabilizing around 61 percent of GDP.\n * Going forward, strong domestic demand will drive the economy to grow at 6.0 percent in 2023 and gradually move to its potential over the medium term.\n * The economic recovery will support poverty reduction, although the labor market is showing a shift to low-productivity jobs.\n * Managing inflation, pursuing revenue-enhancing policies and public spending efficiency, promoting investments, and pursuing a clean energy transition are key drivers to safeguard growth and achieve long term development goals”,”pub_date”:null}}“​.
2. Statista. (2023). Demographics of the Philippines – statistics & facts. Retrieved from www.statista.com​“oaicite:{“number”:2,”metadata”:{“title”:”Demographics of the Philippines – statistics & facts | Statista”,”url”:”https://www.statista.com/topics/5799/demographics-in-the-philippines/”,”text”:”With over 111 million people, the Philippines was among the most populated countries in the Asia Pacific, next to Japan. Deep-seated Catholic beliefs influenced the nation’s pro-life stance and aided the population boom. However, the country’s population reflected sluggish growth in the past decade as evidenced by the declining fertility rates partly due to the increased use of contraceptives and modern family planning methods.\n\n## A young demographic \n\nThe Philippines has a young population, with about 64 percent of people between the ages of 15 and 64 years. Meanwhile, over 30 percent are between zero to 14 years old. In 2019, the mean age of male household members was 37.68 years while female members had a mean age of 44.2 years. The country’s young people were seen to significantly contribute to the economic recovery after experiencing prolonged COVID-19-related lockdowns”,”pub_date”:null}}“​.
3. Philippine News Agency. (2023). Consumer spending seen to grow to 5.5% in 2023. Retrieved from www.pna.gov.ph​“oaicite:{“number”:3,”metadata”:{“title”:”Consumer spending seen to grow to 5.5% in 2023 | Philippine News Agency”,”url”:”https://www.pna.gov.ph/articles/1194008″,”text”:”Household spending in the Philippines is projected to expand by 5.5 percent this year, slower than the 8.2 percent growth forecast in 2022, the research arm of Fitch Ratings said.\n\nIn its report released Tuesday, Fitch Solutions said household income growth will support consumer expenditure in 2023, allowing Filipino households to spend despite the elevated inflation numbers.\n\n“We expect household income growths to outpace consumer price inflation in 2023. This will ensure real income growth and greater potential for consumer spending,” Fitch Solutions said”,”pub_date”:null}}“​.