In pictures: An economy in crisis

Consumer spending in the Philippines accounts for 70% of the GDP. Top retail analyst Frances Yu says that means the economy is dependent on people spending. But they have less to spend.

The Philippines does not have a good manufacturing base, she says, and is not keeping up with growth in the region.

The big economies of China and India are leaping ahead. In spite of negative warnings, the mall operators continue to build new outlets. But Frances predicts "the bubble will burst".