British Chamber promotes tourism-centered real estate

On Aug. 29, 2024, the British Chamber of Commerce Philippines hosted the 8th Property Matters: Transforming Philippine Cities at Dusit Thani Manila as sponsored by Arthaland and Santos Knight Frank. The event highlighted the trends and opportunities in the real estate sector noting the adoption of strategies focused on boosting tourism in the Philippines. 

In his opening remarks, BCCP Chairman William Bailey noted that there is an uptake on the commercial offices and residential condominiums despite the challenges on  inflation, currency, and geopolitics. He further noted that, “things have changed dramatically I think for the good, and I think we’ve got a very positive future ahead…” 

Keynote presentations and panel discussions were delivered by a set of industry leaders including Arthaland Corporation Associate Director for Commercial and Office Leasing and Sales Ivan Talita, Bases Conversion and Development Authority Vice President for Investment Promotions and Marketing Department Erwin Kenneth Peralta, Colliers Philippines Director - Office Services Landlord Representation Maricris Sarino-Joson and Research Analyst Brent Respicio, Hotel and Restaurant Association of the Philippines Vice President Robert John Horrigan, Palafox Architecture Group, Inc. President Architect Felino A. Palafox, Jr., Santos Knight Frank Senior Director–Occupier Strategy and Solutions Morgan Mcgilvray, and Society for Sustainable Tourism & Development Inc. President & CEO Susan Santos De Cardenas. 

Respicio noted the increase in foreign arrivals in H1 2024 reaching a total of 3 million and the Department of Tourism’s projected 7.7 million arrivals in 2024 which also accounted for the growth of the hotel sector, resort/leisure industry and the expansion of footprint outside NCR. With these developments, infrastructure projects in the country remain vital in boosting the growth of office, residential, MICE sectors. 

During the panel discussion, sustainable practices are also encouraged in tourism, particularly within the hospitality sector.

This echoed the recent statement of the Department of Tourism (DOT) Secretary Christina Frasco on establishing a competitive tourism infrastructure and hospitality sector, noting that, “As we invite more and more tourists to come into the Philippines, we would like to ensure that we are competitive as far as our accommodation services is concerned…That is why we are very welcome to investments in terms of additional hotels, resorts and related services in terms of providing our tourists with a place to stay in the country, not just in our well known destinations, but also in our emerging and lesser known destinations.”