The Philippines’ target to double its gross gaming revenue by 2028 seems to gain support from its recently released statistical data.
The nation posted a net trade surplus in travel last year for the first time in 15 years, resulting in a $2.45 billion surplus. This indicates that foreign visitors to the Philippines spent more than what Filipinos spent on travel abroad.
The country’s Department of Tourism (DOT) said this sets an “optimistic tone” for the country’s steadily recovering tourism industry.
The balance of payments from Bangko Sentral ng Pilipinas (BSP) showed that the last time the Philippines registered a travel surplus was in 2007 at $1.93 billion.
The DOT mentioned that the 2023 travel services export receipts have already reached 93.2 percent of the 2019 pre-pandemic level, pegged at $9.78 billion.
According to the report, Tourism Secretary Christina Frasco banked on the close coordination between the public and the private sectors to further reach Manila’s tourism goals under the National Tourism Development Plan (NTDP) 2023 to 2028.
Frasco said that the DOT will continue strengthening its promotion efforts and feature more unique travel offerings for both its domestic and foreign markets.
The Philippines welcomed 5.45 million international visitors in 2023, successfully breaching its year-end target of 4.8 million.
Earlier last year, the Philippine Amusement and Gaming Corp (PAGCOR) Chairman Alejandro Tengco noted that the country’s gaming sector is expected to achieve a minimum of 10 percent annual growth in gross gaming revenue (GGR).
Tengco projected that GGR will reach a new record high this year and is anticipated to reach PHP450 billion ($7.9 billion) to PHP500 billion ($8.8 billion) by 2028.
In 2023, the Philippines already generated a record PHP285 billion ($5.1 billion) in GGR, with the PAGCOR predicted to reach PHP336 billion ($6 billion) this year. Tengco also said that the Philippines is poised to surpass Singapore by 2025 as Asia’s second-largest gambling hub, following Macau.
In late May this year, the Philippines gaming leader Bloombery Resorts will open a new $1 billion integrated resort – Solaire North in Quezon City. The Westside City Project, an integrated resort in Manila’s Entertainment City developed by Suntrust Resort Holdings, also plans to open its Main Hotel Casino in the first quarter of 2025.
Moreover, the persistent inflow of investments into the gaming industry further solidifies its potential. As per reports, both foreign and domestic entities are projected to inject up to $6 billion into the Philippines’ casino sector within the next five years. This significant influx enhances the country’s position as one of Asia’s premier gambling hubs, particularly amidst escalating competition.
Tengco highlighted plans for the continuous expansion of the sector, as there will be the establishment of at least one new casino-resort every other year, extending beyond Manila to areas such as Clark, a former U.S. military base situated north of the capital, and Cebu in the central region of the country.
