THE MARKET FOR YOU
The Philippines has become a destination for high profile events like the APEC meeting, the 2017 Miss Universe competition and more. It is one of the largest markets in Southeast Asia with an estimated population of 103 million people combined with a tourist inflow of 6 million in 2016. With foreign visitor arrivals increasing an average of 8% per year in the past five years, the Philippines’ tourism and hospitality industries are set to grow, with a forecast of 234,565 hotel rooms by 2019. While international investors continue to drive the development of the Philippines hospitality market, now is the time for industry suppliers to invest in this lucrative market.
It is an opportune time for the Hotel Show to be brought to Manila this year as the country maintains its economic momentum. The Philippine economy grew by 6.8 percent in 2016. Domestic consumption, low interest rates, mild inflation rates, overseas remittances and higher disposable incomes contributed to the country’s growth.
The hotel construction boom in the Philippines continues with 50 upcoming hotels across the Philippines translating to 13,334 hotel rooms as of August 2016, according to figures provided by data and analytics specialist STR Global.
Moreover, the continuous growth of tourism arrivals has helped propel the projected growth of Metro Manila hotels in the next three years. The Department of Tourism records a total of 5,390,367 visitors from January to November this year, surpassing the year-end arrivals in 2015 of 5,360,682. This volume is 12.12% higher than the accumulated arrivals for the same period last year"
Baby de Luna Landan, Corporate Planning and Business Development, Tourism Promotions Board