Friday, May 24, 2024

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Increased private sector investments in hotels necessary to maintain growth in Philippine tourism.


LPC, a real estate brokerage company, suggests that the private sector should increase their investment in hotel accommodations to aid in the development of the country’s tourism industry.

According to a statement over the weekend, in order to continue the growth of the tourism industry in the Philippines, it is important for the private sector to invest in more hotel accommodations. This investment must be made within the next year to ensure the sustainability of international tourism beyond 2027.

LPC predicts that Metro Manila will see the addition of approximately 15,000 new hotel rooms in the next five years.

The statement mentioned that there may be additional plans for hotel developments in the near future, in accordance with the DoT’s goal of attracting 12 million international visitors by 2028.

According to data from the Department of Tourism (DoT), the country received 4.005 million international tourists as of September 29, which brings it close to its goal of 4.8 million foreign visitors by the end of 2023.

Out of all the people who entered the country, 91.58% or 3.67 million were tourists from other countries and the remaining 8.42% or 337,426 were Filipinos living abroad.

The LPC predicted that Panglao Island in Bohol may become the top tourism spot in the Philippines, potentially surpassing Boracay Island.

According to LPC, in 2019, Panglao had a total of 1,581,904 visitors, almost reaching the number of arrivals in Boracay which was 2,034,599. These numbers show that Panglao Island has the potential to become the top tourist destination in the Philippines, possibly surpassing Boracay Island.

According to Alfred Lay, a director at Leechiu for the hotel, tourism, and leisure industry, Panglao has a distinct advantage over Boracay due to its larger size and capacity restrictions.

He stated that continued progress in Panglao may cause the value of land in the region to rise. Some examples of this include the planned 50-hectare Panglao Shores project, the soon-to-be-built JW Marriott Hotel, the Cebu-Bohol bridge, and major energy projects designed to fulfill Bohol’s growing energy needs.

Mr. Lay stated that these changes have greatly affected the worth of land, as Alona Beachfront properties are now being sold for around P80,000 to P120,000 per square meter. This is similar to the land values in the white beach area of Boracay.

The LPC predicted that by next year, the number of tourists, available flights, and hotel occupancy rates in the global tourism industry could reach levels seen before the pandemic.

LPC stated that industry players should be mindful of upcoming developments that could significantly affect the Philippines in the upcoming year. These include the easing of visa restrictions, continued high airfare prices due to rising aviation fuel costs, ongoing inflation, a high-interest rate climate that may reduce consumer spending power, and the resumption of business travel and MICE (meetings, incentives, conferences, and exhibitions) activities.