The Philippines economy - and with it potential wealth creation - is doing well if an upcoming auction venture is a guide.

The luxury industry can be a bellwether – or to vary imagery somewhat – a canary in the mineshaft when it comes to highlighting the health or illness of a wealth management sector. So on that basis, the Philippines is a promising market, according to online firm Luxify.

As its name suggests, the firm is a “luxury marketplace”; headquartered in Hong Kong, and with offices in London and Singapore, it recently established a presence in the Philippines. In June, it is teaming up with Salcedo Auctions, which it says is the only auction house in the country to focus on the sale of fine art, jewellery, decorative arts and collectibles. An auction is to be held on 6 June in Manila.

“The Philippines is definitely a growing market for luxury products," Alexis Zirah, co-founder of Luxify, said in a statement.

The types of products listed in the auction include international and traditional Filipino art pieces, classic furniture, elegant jewellery, as well as collectible books, maps and paintings.

The country’s gross domestic product rose by 6.1 per cent in 2014, a result enabling the country, Luxify said, to throw off the “sick man of Asia” tag with which it had once been associated. Recent figures haven't been without their causes for concern, however. The gross domestic product growth rate of the country fell in the first quarter to the weakest pace in three years. The outlook remains buoyant, reports say. The Philippine economy expanded by 5.2 per cent in Q1, from a revised 6.6 per cent growth in Q4 2014 and behind market forecasts.