Waterfront Philippines has said it hopes to finish phase I of the Manila Pavilion Hotel by the end of 2021.
The Philippines.- The casino and resort operator Waterfront Philippines has announced that it expects to launch the Manila Pavilion Hotel Phase I by the end of the current year.
The company said the casino area and other public areas with food and drink outlets should be completed during the first quarter of 2022.
The Manila Pavilion Hotel suffered a fire in 2018, requiring a complete redevelopment of the venue. There were some delays due to the Covid-19 pandemic but construction has continued during lockdowns.
As for Phase II and Phase III of the Manila Pavilion Hotel, Waterfront Philippines hopes to launch them by the second quarter of 2022 and by early 2023 respectively.
The company said the ongoing development will be funded by cash flows generated by operations and, when necessary, bank borrowing.
Philippines economy to recover by 2022, analysts say
S&P Global Ratings has said that it believes the Philippines’s economy could rebound once the Covid-19 pandemic is contained.
S&P has maintained its “BBB+” rating for the Philippines, which means it has adequate capacity to meet its financial commitments. It said the Philippines BBB+ rating will remain unchanged for half a year and could last up to two years.
According to Business World, the firm stated: “We affirmed the ratings because we believe the Philippines will continue to have good economic recovery prospects once the Covid-19 pandemic is contained”.
S&P also believes the government’s fiscal performance will strengthen, and that GDP will grow 7.9 per cent in 2021.