Like all other jurisdictions in ASEAN, our population growth has actually slowed substantially from 3.35 percent per annum in 1960 to 1.72 percent in 2012.2 Despite this, some 35 percent of Filipinos are younger than 15 years old as of end-2012. This percentage is much higher than the rest of ASEAN which averages at only 25.8 percent.
It is also much higher than those of China, Japan and South Korea which average 17.7 percent, that of North America at 19.3 percent and the euro area at 15.3 percent. What these numbers mean is that the Philippines will see a greater proportion of its population becoming consumers in the next few decades. This leaves the future market for consumer needs very potent.