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From a value perspective, we also expect mid-single digits for snack foods. Contemporarily, snack foods have gone through revolutions in today’s centers, allowing consumers to buy them in convenient or even self-service environments such as supermarkets and carry-out restaurants. The consumers’ obsession to buy more convenient and delicious food have brought forth the need for convenience in snack foods.

The Philippines provides proximity to the core markets and consumers of Taiwan, China and Indonesia. The Philippines is a key untapped market for consumer electronics and mobile digital devices in Southeast Asia. The Philippines has a large and growing population and a great demand for digital devices and same-day delivery. While the Philippines digital and e-commerce retail market is relatively small today, it is growing at a solid pace and momentum. Retail sales of digital and e-commerce have grown significantly in the Philippines to more than $4.5 billion USD in 2016.

We expect the other parts of the world to follow through the process of rebalancing in the new year. Europe is still in a slowdown in the manufacturing sector and looks to continue to struggle throughout the year.

Without a doubt, the North American production revival, driven by President Trump's call for a " new regulatory turf ", are going to keep markets challenging..in the short-term, there is strong demand and low inventory, on top of some operational issues in the Gulf Coast, Southeast and Rocky Mountain areas. There should be enough recoverable oil in the US to convince the big non-OPEC producers and the OPEC members to start to cut again. The latter will be a struggle because of various reasons, but they agree that US production undercuts the market - if they try to cap it, their markets will be open for the US again. In the long-term, the US is burdened with a legacy of much higher prices, so higher production is a bit of a necessity.

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