Analysis: Asian Racing's 'Sleeping Giant'? — The Philippines as a Supply-First Emerging Market
With the opening of the new Padre Garcia Racetrack, racehorses are pouring into the Philippines at scale. Calling it "Asia's sleeping giant" is overstated, but it does fit a sharper classification: a supply-first emerging market in which facility and bloodstock are running ahead of demand. Because this is the inverse of the demand-led Japan / Hong Kong model, measuring it by prize money or race grade makes it look smaller than it is. Reading it by upside and speed reframes what is going on.