HEADLINES: Agencies expect billings rebound in Philippines

The top 10 advertising agencies in the Philippines are expecting gross billings to grow five per cent this year, rebounding from the three per cent drop last year. The upturn reflects a growing optimism in the economic prospects of the country. The top 10 agencies last year suffered a series of major blows, including the ripple effects from 911 and the coming of age of the media specialists, which have squeezed agency commissions from 15 to 12 per cent.