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It’s not just international visitors who’ve been wooed by the Philippines
July 21, 2016Article by Charlotte Ashton
Much has been said about the huge boom in international visitors to the Philippines, where spending by foreign visitors now accounts for an impressive 8.2% of GDP. But holidaymakers from overseas are only half the story – the Philippines are also enjoying a significant rise in domestic tourism.
Domestic visitors spend six times more than foreign holidaymakers
Data from the Philippines Department of Tourism has revealed that the domestic travelers part with six times as much as visitors from overseas when it comes to holiday spending. According to the official figures, local tourists spent P1.5 trillion during their domestic holidays in 2015, compared with P227 billion spent by visitors from abroad.
Tourism Secretary Wanda Corazon Teo is now leading an initiative to capitalize on the findings, encouraged domestic travelers to explore more of their stunning country.
Exciting news for investors
The news is of particular interest to those investing in the tourism infrastructure of the Philippines. While the incoming government is being encouraged to spend on the air and road infrastructure, the investment possibilities of the country’s hotels have struck a chord with investors overseas.
Ray Withers, CEO of specialist property investment company Property Frontiers, explains,
“Domestic tourism is an excellent source of income for the hotel sector in the Philippines, with the country’s stunning beaches and idyllic, calm waters attracting plenty of interest. Combined with rising visitor numbers from overseas, it is fantastic news for the country’s hotels, as well as for those who invest in them. And with tourism on the rise, more hotels are needed in popular areas, particularly at the higher end of the spectrum.”
Luxury living, Philippines-style
Portofino Ocean’s Edge resort is one such hotel. The 5* resort takes luxury to the next level on the island of Carabao. Guests can arrive via the private jetty or helipad and then settle into the lap of luxury for their say. From the infinity pool and spa to the extensive wellness centre, as well as the stunning clifftop location, the resort has been designed to provide the ultimate in relaxation. There’s a restaurant, bar and cliff edge clubhouse for socializing, as well as a private beach for forgetting about the rest of the world.
Investors in the resort can enjoy all of this for themselves for 14 days each year, with investment available from just USD 109,000. Investors also benefit from 10% interest during construction and expected 15% NET return (underwritten at 10% minimum).
With domestic and international tourism both high on the Philippines’ agenda, the islands present one of the most exciting global property investment markets for 2016.