Tourism and Hotel Industry in Philippines Outlook By Size, Share, Future Growth and Forecast

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Japan, Japan, Thu, 14 Oct 2021 09:32:40 / Comserve Inc. / -- Tourism and Hotel Industry in Philippines With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

Tourism is an important sector for Philippine economy. In 2019, the travel and tourism industry contributed 12.7% to the country's GDP. Good travel and tourism policies enable millions of international visitors annually. Philippine's tourism sector accounts for approximately 4% of the total economy and plans to double the figure by 2019 by improving infrastructure, accessibility, health & hygiene, as well as enhancing online promotional marketing strategy, leading to opportunities in upcoming markets. The government has also revised its visa-free access policy in 2015 to attract more foreign tourists. Famous tourist destinations like island groups of Luzon, Visayas, and Mindanao have already seen a large influx of investment in recent years, especially, in the upper end of the market, leading to excessive supply, promoting the establishment of hotel industry.

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Key Market Trends

Overall Growth in Foreigners' Spending

Total expenditures by foreign tourists have been on the upswing in Philippines. A foreign visitor typically spends USD 1062 per trip compared with USD 800 a few years ago. The average daily expenditure of foreign tourists in the Philippines is USD 109.65 and average length of stay by foreign tourists in the Philippinesin in 9.05 nights in 2018. Revenue from foreign visitors - so-called inbound tourism - now ranks as Philippines' third-largest export; it has surpassed data processing, which ranked third two years before. About one-quarter of tourists' expenditures were allocated for accommodation, a share that has been growing in recent years; meals and shopping take up the next largest shares.

New Gateways and Improving Infrastructure

Transforming domestic airports into global gateways for the country has facilitated growth in international visitors, of whom 99% arrive by air. Upgrades to airports in Davao City and Iloilo City in the past few years have enabled direct charter flights from Singapore and Hong Kong. Clark serves scheduled flights from Doha, Hong Kong, Kuala Lumpur, Macau, Seoul and Singapore, as well as domestic destinations. Renovations to Legazpi City's Bicol Airport, 470 km south of Manila, are expected to enable direct charter flights from China in 2016. The airport will open up the Bicol region, its national park, active volcano and whale shark sight-seeing. Meanwhile, long accustomed to serving both scheduled and charter flights from throughout East Asia, Mactan-Cebu Airport in 2016 is slated to begin receiving long-haul flights when three Philippines Airlines begins flying between Cebu and Los Angeles, California. More direct international flights to Cebu, Boracay and Davao are also on the way.

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Competitive Landscape

The report covers major international players operating in the Market Entry - Tourism and Hotel Industry in Philippines. In terms of market share, few of the major players currently dominate the market. However, with factors, such as, technological advancement and servie innovation, infrastructure development by local government and other facilities are attracting businesses and tourists.

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 PESTLE Analysis
4.5 Impact of Covid 19 on the market

5 MARKET DEMAND ANALYSIS

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