{"id":777011865,"date":"2023-12-13T08:25:50","date_gmt":"2023-12-13T11:25:50","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777011865"},"modified":"2026-04-22T14:45:39","modified_gmt":"2026-04-22T17:45:39","slug":"philippine-tourism-peforming-behind-expectations-maybank-says","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/philippine-tourism-peforming-behind-expectations-maybank-says","title":{"rendered":"Philippine tourism peforming behind expectations, Maybank says"},"content":{"rendered":"\n

Lower-than-expected Chinese tourist arrivals is a key factor, according to Maybank Investment Bank.<\/p>\n\n\n\n\n\n\n\n

The Philippines.- Analysts at Maybank Investment Bank<\/strong> claim that the performance of the tourism sector in the Philippines has been below expectations due to fewer Chinese tourists<\/strong> than expected. The country actually met its annual target for tourism arrivals already<\/a>, although the 4.82 million arrivals to November 30 remains a long way short of the pre-pandemic figure of 8.26 million in 2019.\u00a0<\/p>\n\n\n\n

According to Maybank’s Tuesday update, Chinese visitors accounted for 21.2 per cent of all Philippine tourism arrivals in 2019, but only 5 per cent in the first 11 months of this year. This year, the country has only seen 242,107 tourists from China, compared to 1.74 million in 2019.\u00a0<\/p>\n\n\n\n

Maybank’s report predicted that the Philippines’ economy will grow faster in 2024, with an estimated rate of +6.5 per cent, compared to +5.8 per cent in 2023.\u00a0Analysts expect domestic demand to drive this growth, supported by stable employment, resilient private consumption and continued infrastructure development.<\/p>\n\n\n\n

Industry consultancy GCG Gaming Advisory Services has predicted that the Philippine casino sector could achieve GGR ranging from US$5.2bn to US$5.9bn for 2023<\/a>. This would outpace pre-pandemic figures from 2019 (US$4.84bn). In the third quarter, GGR was PHP56.85bn (US$1.03bn), an increase of 15.1 per cent year-on-year and up from PHP56.61bn in Q2.<\/p>\n\n\n\n

The figure excludes revenue from bingo operations and electronic games parlours. Commercial casinos licensed by PAGCOR contributed just under PHP51.91bn, up 16 per cent from the same quarter of the previous year. <\/p>\n\n\n\n

Commercial casinos in the Clark Freeport Zone<\/strong> saw a 45.8 per cent gain, reaching just over PHP8.88bn. Entertainment City resorts in Manila, the capital, recorded GGR of PHP42.66bn, a 11.5 per cent increase from last year. PAGCOR-operated gaming, including Casino Filipino venues, contributed PHP4.94bn, a 6.8 per cent rise.  <\/p>\n","protected":false},"excerpt":{"rendered":"

Lower-than-expected Chinese tourist arrivals is a key factor, according to Maybank Investment Bank.<\/p>\n","protected":false},"author":176,"featured_media":777008064,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Despite lower-than-expected Chinese tourist arrivals impacting overall tourism in the Philippines, the nation's casino sector is projected to achieve GGR between US$5.2bn and US$5.9bn for 2023, surpassing pre-pandemic levels. This robust performance is driven by strong domestic demand and significant contributions from commercial casinos, particularly in the Clark Freeport Zone and Entertainment City, as reported by Maybank Investment Bank and GCG Gaming Advisory Services.","focusai_entities":"Maybank Investment Bank, GCG Gaming Advisory Services, PAGCOR","focusai_location":"Philippines, China, Clark Freeport Zone, Manila, Entertainment City","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (1.0), affiliate_publisher (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"GGR Growth Drivers","query":"What specific gaming verticals and customer segments are primarily driving the GGR growth in the Philippines, particularly in the Entertainment City and Clark Freeport Zone, given the reduced Chinese tourist influx?"},{"label":"Regulatory Impact","query":"How might PAGCOR's evolving regulatory framework or potential privatization plans impact the sustained GGR growth and foreign direct investment in the Philippine casino sector, especially concerning B2B\/B2C licensing and governance frameworks?"}],"footnotes":""},"categories":[157,16333],"tags":[23907],"class_list":["post-777011865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777011865"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011865\/revisions"}],"predecessor-version":[{"id":777011877,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777011865\/revisions\/777011877"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777008064"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777011865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777011865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777011865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}