November 23, 2017, 7:19 pm
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1 Philippine Peso = 0.07222 UAE Dirham
1 Philippine Peso = 2.23697 Albanian Lek
1 Philippine Peso = 0.035 Neth Antilles Guilder
1 Philippine Peso = 0.34334 Argentine Peso
1 Philippine Peso = 0.02609 Australian Dollar
1 Philippine Peso = 0.035 Aruba Florin
1 Philippine Peso = 0.03933 Barbados Dollar
1 Philippine Peso = 1.63992 Bangladesh Taka
1 Philippine Peso = 0.03265 Bulgarian Lev
1 Philippine Peso = 0.00741 Bahraini Dinar
1 Philippine Peso = 34.27689 Burundi Franc
1 Philippine Peso = 0.01967 Bermuda Dollar
1 Philippine Peso = 0.02668 Brunei Dollar
1 Philippine Peso = 0.13491 Bolivian Boliviano
1 Philippine Peso = 0.06405 Brazilian Real
1 Philippine Peso = 0.01967 Bahamian Dollar
1 Philippine Peso = 1.28171 Bhutan Ngultrum
1 Philippine Peso = 0.20626 Botswana Pula
1 Philippine Peso = 393.707 Belarus Ruble
1 Philippine Peso = 0.03929 Belize Dollar
1 Philippine Peso = 0.0252 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 12.51721 Chilean Peso
1 Philippine Peso = 0.13055 Chinese Yuan
1 Philippine Peso = 59.27237 Colombian Peso
1 Philippine Peso = 11.06096 Costa Rica Colon
1 Philippine Peso = 0.01967 Cuban Peso
1 Philippine Peso = 1.84798 Cape Verde Escudo
1 Philippine Peso = 0.42782 Czech Koruna
1 Philippine Peso = 3.47748 Djibouti Franc
1 Philippine Peso = 0.12472 Danish Krone
1 Philippine Peso = 0.93215 Dominican Peso
1 Philippine Peso = 2.25679 Algerian Dinar
1 Philippine Peso = 0.26216 Estonian Kroon
1 Philippine Peso = 0.34612 Egyptian Pound
1 Philippine Peso = 0.53196 Ethiopian Birr
1 Philippine Peso = 0.01676 Euro
1 Philippine Peso = 0.0411 Fiji Dollar
1 Philippine Peso = 0.01485 Falkland Islands Pound
1 Philippine Peso = 0.01485 British Pound
1 Philippine Peso = 0.09043 Ghanaian Cedi
1 Philippine Peso = 0.92566 Gambian Dalasi
1 Philippine Peso = 176.89283 Guinea Franc
1 Philippine Peso = 0.14439 Guatemala Quetzal
1 Philippine Peso = 4.01731 Guyana Dollar
1 Philippine Peso = 0.15359 Hong Kong Dollar
1 Philippine Peso = 0.46264 Honduras Lempira
1 Philippine Peso = 0.12608 Croatian Kuna
1 Philippine Peso = 1.21691 Haiti Gourde
1 Philippine Peso = 5.23442 Hungarian Forint
1 Philippine Peso = 266.33236 Indonesian Rupiah
1 Philippine Peso = 0.06904 Israeli Shekel
1 Philippine Peso = 1.28012 Indian Rupee
1 Philippine Peso = 22.94985 Iraqi Dinar
1 Philippine Peso = 692.86138 Iran Rial
1 Philippine Peso = 2.03638 Iceland Krona
1 Philippine Peso = 2.46903 Jamaican Dollar
1 Philippine Peso = 0.01391 Jordanian Dinar
1 Philippine Peso = 2.2151 Japanese Yen
1 Philippine Peso = 2.03441 Kenyan Shilling
1 Philippine Peso = 1.37082 Kyrgyzstan Som
1 Philippine Peso = 78.99705 Cambodia Riel
1 Philippine Peso = 8.32547 Comoros Franc
1 Philippine Peso = 17.69912 North Korean Won
1 Philippine Peso = 21.59685 Korean Won
1 Philippine Peso = 0.00593 Kuwaiti Dinar
1 Philippine Peso = 0.01613 Cayman Islands Dollar
1 Philippine Peso = 6.50443 Kazakhstan Tenge
1 Philippine Peso = 163.16618 Lao Kip
1 Philippine Peso = 29.60669 Lebanese Pound
1 Philippine Peso = 3.02262 Sri Lanka Rupee
1 Philippine Peso = 2.44897 Liberian Dollar
1 Philippine Peso = 0.2763 Lesotho Loti
1 Philippine Peso = 0.05995 Lithuanian Lita
1 Philippine Peso = 0.0122 Latvian Lat
1 Philippine Peso = 0.02689 Libyan Dinar
1 Philippine Peso = 0.18578 Moroccan Dirham
1 Philippine Peso = 0.34307 Moldovan Leu
1 Philippine Peso = 1.02635 Macedonian Denar
1 Philippine Peso = 26.80433 Myanmar Kyat
1 Philippine Peso = 47.94494 Mongolian Tugrik
1 Philippine Peso = 0.15822 Macau Pataca
1 Philippine Peso = 6.90266 Mauritania Ougulya
1 Philippine Peso = 0.6647 Mauritius Rupee
1 Philippine Peso = 0.30619 Maldives Rufiyaa
1 Philippine Peso = 14.0885 Malawi Kwacha
1 Philippine Peso = 0.37348 Mexican Peso
1 Philippine Peso = 0.08155 Malaysian Ringgit
1 Philippine Peso = 0.27622 Namibian Dollar
1 Philippine Peso = 7.00098 Nigerian Naira
1 Philippine Peso = 0.60177 Nicaragua Cordoba
1 Philippine Peso = 0.16317 Norwegian Krone
1 Philippine Peso = 2.03638 Nepalese Rupee
1 Philippine Peso = 0.02891 New Zealand Dollar
1 Philippine Peso = 0.00756 Omani Rial
1 Philippine Peso = 0.01967 Panama Balboa
1 Philippine Peso = 0.06359 Peruvian Nuevo Sol
1 Philippine Peso = 0.06374 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.06568 Pakistani Rupee
1 Philippine Peso = 0.07087 Polish Zloty
1 Philippine Peso = 110.87513 Paraguayan Guarani
1 Philippine Peso = 0.07473 Qatar Rial
1 Philippine Peso = 0.07785 Romanian New Leu
1 Philippine Peso = 1.16841 Russian Rouble
1 Philippine Peso = 16.36755 Rwanda Franc
1 Philippine Peso = 0.07374 Saudi Arabian Riyal
1 Philippine Peso = 0.15449 Solomon Islands Dollar
1 Philippine Peso = 0.26735 Seychelles Rupee
1 Philippine Peso = 0.13097 Sudanese Pound
1 Philippine Peso = 0.16686 Swedish Krona
1 Philippine Peso = 0.0267 Singapore Dollar
1 Philippine Peso = 0.01486 St Helena Pound
1 Philippine Peso = 0.4367 Slovak Koruna
1 Philippine Peso = 149.85251 Sierra Leone Leone
1 Philippine Peso = 10.99312 Somali Shilling
1 Philippine Peso = 410.64307 Sao Tome Dobra
1 Philippine Peso = 0.17207 El Salvador Colon
1 Philippine Peso = 10.12743 Syrian Pound
1 Philippine Peso = 0.27624 Swaziland Lilageni
1 Philippine Peso = 0.64562 Thai Baht
1 Philippine Peso = 0.04905 Tunisian Dinar
1 Philippine Peso = 0.04547 Tongan paʻanga
1 Philippine Peso = 0.07723 Turkish Lira
1 Philippine Peso = 0.13037 Trinidad Tobago Dollar
1 Philippine Peso = 0.59133 Taiwan Dollar
1 Philippine Peso = 43.93314 Tanzanian Shilling
1 Philippine Peso = 0.51976 Ukraine Hryvnia
1 Philippine Peso = 71.28811 Ugandan Shilling
1 Philippine Peso = 0.01967 United States Dollar
1 Philippine Peso = 0.57699 Uruguayan New Peso
1 Philippine Peso = 158.89873 Uzbekistan Sum
1 Philippine Peso = 0.19617 Venezuelan Bolivar
1 Philippine Peso = 446.39136 Vietnam Dong
1 Philippine Peso = 2.10089 Vanuatu Vatu
1 Philippine Peso = 0.05108 Samoa Tala
1 Philippine Peso = 10.98368 CFA Franc (BEAC)
1 Philippine Peso = 0.0531 East Caribbean Dollar
1 Philippine Peso = 10.988 CFA Franc (BCEAO)
1 Philippine Peso = 1.98682 Pacific Franc
1 Philippine Peso = 4.91504 Yemen Riyal
1 Philippine Peso = 0.2763 South African Rand
1 Philippine Peso = 102.05507 Zambian Kwacha
1 Philippine Peso = 7.11701 Zimbabwe dollar

Tourism linchpin to hotel sector

Property consultant Colliers International said the Philippines’ traditional tourism market of Korean, American, Chinese and Japanese visitors –which make up 60 percent of its foreign tourist market – are expected to perk the industry to post 10 percent growth over a year ago at 6.6 million visitors. 

Colliers said arrivals continue to grow despite safety and security issues as well as the imposition of martial law in Mindanao, with the 10 percent growth seen on the backdrop of strong fourth quarter arrivals vis-a-vis the third quarter, as foreigners and overseas Filipino workers spend holidays in the Philippines. 

Foreign arrivals for the first five months of the year rose 14 percent to 2.88 million. 

“For the month of May alone, foreign arrivals exceeded 530,000, breaking the 500,000-mark in a single month despite the imposition of travel advisory notices by the United States, United Kingdom, Canada, Australia, France, New Zealand, and South Korea last April following the terrorist and kidnapping threats in the Central Visayas provinces of Cebu and Bohol,” Colliers said.

“Emerging tourist markets include Russia, Netherlands, and Saudi Arabia. Colliers is optimistic that the Philippines’ growing popularity as a tourist destination among these countries should expand the country’s tourist arrival base over the near to medium term,” it added.

Colliers partly attributed the better-than-expected figures from January to May 2017 to the Tourism department’s marketing efforts “as well as the hosting of the Association of Southeast Asian Nations summit in April.”

“Demand among three- and four-star hotels should be sustained by the rising popularity of ‘staycations’ and growing domestic travel market. Budget hotels will still be popular among millennials who account for more than half of local travellers,” Colliers also said.

It noted Filipinos aged 15 to 34 account for more than half of the 42.1 million domestic travelers recorded between April and September 2016.

“According to the Tourism Department the local travelers made a total of 91.2 million trips during the period under review,” it said.

Metro Manila remains the most visited destination cornering 15 percent of the domestic market demand, followed by Negros Occidental (6.9 percent), Pangasinan (4.6 percent), Cavite (4.3 percent), Quezon (4.1 percent), Bohol (4.1 percent) and Cebu (3.7 percent).

Meanwhile, some 1,700 additional rooms are expected to be completed over the remainder of the year, Colliers said, with most of the new rooms to come online between 2019 and 2020 will be in Fort Bonifacio, Manila Bay Area and major townships across Metro Manila.

Citing the projected rise in both foreign and domestic tourists, it expects hotel occupancy in Metro Manila to hover between 65 percent and 70 percent over the next 12 months.

Between 2019 and 2020, occupancy rates are estimated to hover between 60 to 65 percent due to new completions.

Colliers noted in Metro Manila, hotel developers are already responding to the growth in demand by “building hotels in strategic locations across the capital.”

“Ayala, for instance, has been aggressive in opening Seda hotels within its integrated townships; Rockwell Land is ramping up its accommodation facilities through its Aruga brand; Filinvest is working on a new brand that will specifically cater to millennials; and DoubleDragon is planning to build more Jinjiang hotels in the country’s capital and other urban areas as it intends to more than double its room count to about 2,000 by 2020,” it said.

Jinjiang is popular among Chinese tourists and business executives given its brand recall and convenient booking platform, it added.

“Ayala’s largest so far, Seda Hotel in Vertis North, had a soft opening in June. The opening of Seda Vertis North was well received given the lack of quality accommodation in the northern part of Metro Manila,” Colliers said.

Out of Seda’s 438 rooms, some 170 were completed during the first six months of the year, it said as it expects the hotel to fill the need for meetings, incentives,  conferences and exhibits (MICE) facilities in the northern Manila area. 

Colliers seesthe casino that Bloomberry Resorts plans to build within the Vertis North property complementing Seda Hotel, saying the casino will capture the mass gaming market in the Northern Metro Manila and Northern/Central Luzon areas.

It recommended that developers construct more three- and four-star hotels and MICE facilities in Metro Manila and provincial locations where road networks and air transport projects are being developed.

As for the room rates, Colliers sees a slowdown to one to two percent increase over the next 12 months given the projected completion of new rooms. 

“We see rates of five-star hotels in the Manila Bay Area posting a 2 percent to 3 percent decline due to the delivery of new rooms. Overall, we see a flattish growth in rates from 2019 to 2020 due to new hotel rooms,” it said.

With the rising competition among affordable hotels, Colliers said, operators should be more proactive in offering “innovative loyalty programs to their regular clients.”
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