luxury market report philippines
Rich Filipinos
know how to
have fun
The world may be full of issues,
but that is not stopping rich
Filipinos from travelling the
world, reports Rosa Ocampo
Filipinos are known for their
ability to recover quickly from
disasters, natural catastrophes and
political upheavals – so it is no
surprise that this resiliency extends
to their travel mindset.
The Philippine jetset’s appetite
for luxury trips remains unsated,
never mind the pesos’ depreciation,
political uncertainties, peace and
security issues within the country
and beyond, and other factors
that normally influence ordinary
travellers.
“I’m surprised that global
terrorist threats, which I thought
was going to be an issue, isn’t,”
observed Mike Hain, groups
manager, Corporate International
Travel and Tours.
Ian Evasco, retail team leader
for travel products of luxury travel
provider Adventure International
Tours, at press time expected her
16 TTG Asia luxury | May 2018
company’s outbound luxury travel
business to have crested by a hefty
25 to 35 per cent in 2017 from the
year before. “Suppliers believe
the Philippine market is growing
mainly,” she said.
This jives with a Visa Inc study
showing that Filipinos have the
means for international travel,
trailing behind Singapore and
Malaysia in South-east Asia. It
expects Filipinos’ outbound travel
spend to peak by 79 per cent, from
US$9.9 billion in 2015 to US$17.7
billion by 2025.
While still a small segment,
luxury travel is rising rapidly on
the back of a healthy economy and
a growing middle-class which has
an enviable disposable income and
has embraced travel as a lifestyle.
The Philippine gross domestic
product grew 6.7 per cent in 2017,
slightly below the 6.9 per cent
Luxury
Filipino
travellers
also like
something
new and
different.
Dolly Santos,
owner, Golden Sky
Travel and Tours
growth posted in 2016, but placing
it ahead of other South-east Asian
nations, and second only to China
among major Asian economies.
The government is targeting a GDP
growth of between seven and eight
per cent this year.
Robin Yap, president Asia
of Singapore-based The Travel
Corporation (TTC), has witnessed
the growth of Philippine luxury
outbound market for decades.
Yap added that the Philippines