Average Metro Manila hotel occupancy is seen to further improve this year as the country is expected to see more domestic and foreign tourists, according to a property services firm.
In its latest hotel property market report, Colliers Philippines said it expects average hotel occupancy in the National Capital Region to breach 60 percent this year.
This will be driven by the influx of more foreign visitors and continued growth from the local staycation market.
Colliers said the resurgence of in-person events should also lift the demand for meetings, incentives, conventions and exhibitions (MICE) facilities.
“In Philippine tourism, optimism is definitely trouncing pessimism. Leisure stakeholders used to sail through uncharted waters but now we are seeing pre-pandemic dynamism reverberating throughout the sector. Aside from the domestic tourism push, we see the influx of more international tourists boosting tourism receipts, hotel rates, and occupancies,” Colliers Philippines director for research Joey Roi Bondoc said.
“In our view, recovery should be supported by the modernization of more airports and upgrading of road networks. Aside from the Tourism department’s initiatives, the Philippine Senate’s proposal to amend the Holiday Economics Law should also give domestic tourism a much needed boost,”he added.
Latest data from Colliers showed that hotel occupancy in Metro Manila grew to 55 percent in the second half of 2022, higher than the 47 percent occupancy in the previous half of the year.
The figure is also higher than the 44 percent occupancy in the second half of 2021.
“Colliers attributed the rise in occupancies to the holiday season and return of more Filipinos working abroad,”the report said.
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