CEO Insights Magazine

The Philippines is all set to relive its pre-pandemic glory days in the Hospitality sector. It’s no secret that the tourism and hospitality sectors play a vital role in the country’s economic growth. Following the pandemic, there has been a consistent rise in room demand, driven by both domestic and international tourists visiting for recreation and business purposes.

With many tourists opting for the Philippines as their destination, an increasing number of expatriates, and numerous investment opportunities provided by the government, the country's real estate industry is

contributing significantly to this. According to Mordor Intelligence, The Philippines Tourism and Hotel Market size is estimated at $2.75 billion in 2024 and is expected to reach $3.37 billion by 2029, growing at a CAGR of 4.15 percent. Well, that’s not all; the global Smart Hospitality market, driven by the need to create unique hospitality experiences, is predicted to grow from $13.6 billion in 2022 to $49.9 billion by 2027 (report by ResearchAndMarkets.com) at a whopping CAGR of 29.8 percent.

The Philippines is looking at more changes in the real estate scenario in the country as Finance Secretary Benjamin Diokno has restated his commitment to deliver real property tax administration reforms by 2025, before the elections. He recently made his intentions clear at the launch of the Local Governance Reform Project (LGRP), which is bringing together 20 local government units (LGUs) and partner state universities and colleges. The LGRP initiative aims to improve how real property tax is administered in the Philippines. Sunny days are ahead for the country’s tourism & infrastructure industry.
Do let us know your thoughts.