The COVID-19 pandemic plunged the Philippine economy into a recession. However, after months of quarantine, the country started to slowly reopen, thereby driving economic recovery through various means, particularly tourism.
Understandably, tourism was one of the country’s hardest-hit industries as its revenue dropped by 72 percent[1] in the first seven months of the year. Despite this reality, the Department of Tourism believes its recovery can also help the economy regain its losses since it contributed 12.7 percent of the country’s Gross Domestic Product (GDP) and 5.71 million to employment in 2019, according to a Philippines Statistics Authority (PSA) report[2].
As major tourism destinations like Tagaytay, Boracay, Baguio, and Bataan has announced that they are now opening their borders to local tourists while following health protocols, local tourism can potentially help the economy get back on track, says CitiGlobal Realty and Development Inc., a top real estate developer that offers affordable and income-generating properties in the country.
“The pandemic may have given the tourism sector some setbacks like other industries, but still its contributions to local economies and people are immeasurable,” said Gary To, Managing Director of CitiGlobal. “Tourism allows entrepreneurs to gain more opportunities and develop products. Some businesses won’t usually succeed with local communities alone, but exposure to diverse audiences will allow it to grow faster.”
While the country does not need to reopen its borders to foreign tourists immediately, since the pandemic will not likely end soon, slowly opening local tourism opportunities can make an immediate impact. Local tourism alone can help generate revenues for provincial towns, increase local employment, spur demand for local products, and increase local hotels’ occupancy. Indeed, a renewed tourism will impact many industries —CitiGlobal shares just a few of these industries that will rebound from local tourism.
Restaurants and Other Food Services. Some people say you can get to know a person more based on the food they eat, but in this case, you can learn more about a country’s culture and history. Restaurants specializing in local cuisine will have major success with tourism since it can expect more customers who are adventurous and curious about the local cooking.
Historical Locations. Besides nature and tropical islands, historical locations are also attractions for tourists, especially knowledge seekers who want to learn more about history and culture. Since it is an attraction, it can be given more attention and care since this is one of the drivers for tourism.
Souvenir Stores. Every location has its own culture, where even the smallest items can hold a significant meaning to its people, and tourists will most likely want to bring home a remembrance of it with them. These mementos can become other means of income for locals, as well.
Hotels and Other Lodgings. The hospitality industry greatly benefits from tourism since most of its customers would be tourists looking to stay while traveling. Basically, the more tourists there are in the location is equals to more business for the hospitality industry.
The money that tourists bring in allows businesses to grow quickly, especially if they offer a unique service or product that fulfills a tourist’s needs. Opportunities to start a business at locations where tourism booms are the best prospects investors can make to generate more income.
One easy investment people can make to gather more income is to invest in real estate properties in known and potential tourism spots. One investment that investors, even beginners, can make, is investing in Condotels like properties from CitiGlobal. It allows you to passive income, have your own accommodations, and do not have to be hands-on to manage it for customers.
CitiGlobal envisions becoming a top real estate developer in the country, effortlessly putting the country’s best tourism locations on the map through their real estate properties. The company also aims to provide investment opportunities for OFWs to have back in the country and be with their families.
As a flourishing real estate development company in the country, CitiGlobal started as a marketing, landholding, and leasing company back in 2003. But after seeing how responsive and competitive the economy is, it accepted the challenge to become an efficient and lifestyle developer in 2011.
CitiGlobal aims to deliver quality real estate projects that will revolutionize the Filipino mindset on leisure properties. Among their currently open real estate projects are Tagaytay Fontaine Villas, Tagaytay Clifton Resort Suites in Tagaytay, and Diamond Beach Resorts in Palawan. They also have future projects in line in Quezon City, Cubao, Bataan, Tagaytay, Palawan, Panglao, and Davao.
To learn more about CitiGlobal Realty and Development, Inc., visit its website at https://citiglobal.com.ph/. If you have properties to offer, please message us thru Viber at 0949-889-3252.