September 22, 2017, 5:51 pm
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1 Philippine Peso = 0.07205 UAE Dirham
1 Philippine Peso = 2.19737 Albanian Lek
1 Philippine Peso = 0.03473 Neth Antilles Guilder
1 Philippine Peso = 0.33883 Argentine Peso
1 Philippine Peso = 0.02472 Australian Dollar
1 Philippine Peso = 0.03508 Aruba Florin
1 Philippine Peso = 0.03924 Barbados Dollar
1 Philippine Peso = 1.60624 Bangladesh Taka
1 Philippine Peso = 0.03223 Bulgarian Lev
1 Philippine Peso = 0.0074 Bahraini Dinar
1 Philippine Peso = 34.03414 Burundi Franc
1 Philippine Peso = 0.01962 Bermuda Dollar
1 Philippine Peso = 0.02647 Brunei Dollar
1 Philippine Peso = 0.13537 Bolivian Boliviano
1 Philippine Peso = 0.06149 Brazilian Real
1 Philippine Peso = 0.01962 Bahamian Dollar
1 Philippine Peso = 1.26104 Bhutan Ngultrum
1 Philippine Peso = 0.20051 Botswana Pula
1 Philippine Peso = 392.78006 Belarus Ruble
1 Philippine Peso = 0.03919 Belize Dollar
1 Philippine Peso = 0.02419 Canadian Dollar
1 Philippine Peso = 0.01905 Swiss Franc
1 Philippine Peso = 12.25231 Chilean Peso
1 Philippine Peso = 0.12921 Chinese Yuan
1 Philippine Peso = 57.14342 Colombian Peso
1 Philippine Peso = 11.22072 Costa Rica Colon
1 Philippine Peso = 0.01962 Cuban Peso
1 Philippine Peso = 1.81263 Cape Verde Escudo
1 Philippine Peso = 0.42857 Czech Koruna
1 Philippine Peso = 3.49225 Djibouti Franc
1 Philippine Peso = 0.12231 Danish Krone
1 Philippine Peso = 0.92211 Dominican Peso
1 Philippine Peso = 2.19774 Algerian Dinar
1 Philippine Peso = 0.25715 Estonian Kroon
1 Philippine Peso = 0.34589 Egyptian Pound
1 Philippine Peso = 0.45831 Ethiopian Birr
1 Philippine Peso = 0.01644 Euro
1 Philippine Peso = 0.03953 Fiji Dollar
1 Philippine Peso = 0.01454 Falkland Islands Pound
1 Philippine Peso = 0.01447 British Pound
1 Philippine Peso = 0.08679 Ghanaian Cedi
1 Philippine Peso = 0.87895 Gambian Dalasi
1 Philippine Peso = 174.63213 Guinea Franc
1 Philippine Peso = 0.14311 Guatemala Quetzal
1 Philippine Peso = 3.97705 Guyana Dollar
1 Philippine Peso = 0.15314 Hong Kong Dollar
1 Philippine Peso = 0.45756 Honduras Lempira
1 Philippine Peso = 0.12286 Croatian Kuna
1 Philippine Peso = 1.19973 Haiti Gourde
1 Philippine Peso = 5.08986 Hungarian Forint
1 Philippine Peso = 260.48656 Indonesian Rupiah
1 Philippine Peso = 0.0688 Israeli Shekel
1 Philippine Peso = 1.27132 Indian Rupee
1 Philippine Peso = 22.89582 Iraqi Dinar
1 Philippine Peso = 658.62271 Iran Rial
1 Philippine Peso = 2.10712 Iceland Krona
1 Philippine Peso = 2.56229 Jamaican Dollar
1 Philippine Peso = 0.01388 Jordanian Dinar
1 Philippine Peso = 2.20489 Japanese Yen
1 Philippine Peso = 2.02178 Kenyan Shilling
1 Philippine Peso = 1.3433 Kyrgyzstan Som
1 Philippine Peso = 79.4585 Cambodia Riel
1 Philippine Peso = 8.05435 Comoros Franc
1 Philippine Peso = 17.65745 North Korean Won
1 Philippine Peso = 22.18972 Korean Won
1 Philippine Peso = 0.00592 Kuwaiti Dinar
1 Philippine Peso = 0.01609 Cayman Islands Dollar
1 Philippine Peso = 6.67785 Kazakhstan Tenge
1 Philippine Peso = 162.84088 Lao Kip
1 Philippine Peso = 29.53698 Lebanese Pound
1 Philippine Peso = 2.99588 Sri Lanka Rupee
1 Philippine Peso = 2.29351 Liberian Dollar
1 Philippine Peso = 0.26015 Lesotho Loti
1 Philippine Peso = 0.05981 Lithuanian Lita
1 Philippine Peso = 0.01217 Latvian Lat
1 Philippine Peso = 0.02654 Libyan Dinar
1 Philippine Peso = 0.18329 Moroccan Dirham
1 Philippine Peso = 0.34501 Moldovan Leu
1 Philippine Peso = 1.00647 Macedonian Denar
1 Philippine Peso = 26.68236 Myanmar Kyat
1 Philippine Peso = 48.14597 Mongolian Tugrik
1 Philippine Peso = 0.15773 Macau Pataca
1 Philippine Peso = 7.0826 Mauritania Ougulya
1 Philippine Peso = 0.65097 Mauritius Rupee
1 Philippine Peso = 0.30135 Maldives Rufiyaa
1 Philippine Peso = 14.05376 Malawi Kwacha
1 Philippine Peso = 0.34969 Mexican Peso
1 Philippine Peso = 0.08232 Malaysian Ringgit
1 Philippine Peso = 0.2598 Namibian Dollar
1 Philippine Peso = 6.92564 Nigerian Naira
1 Philippine Peso = 0.58623 Nicaragua Cordoba
1 Philippine Peso = 0.15332 Norwegian Krone
1 Philippine Peso = 2.01197 Nepalese Rupee
1 Philippine Peso = 0.02683 New Zealand Dollar
1 Philippine Peso = 0.00755 Omani Rial
1 Philippine Peso = 0.01962 Panama Balboa
1 Philippine Peso = 0.06369 Peruvian Nuevo Sol
1 Philippine Peso = 0.06268 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.06494 Pakistani Rupee
1 Philippine Peso = 0.07028 Polish Zloty
1 Philippine Peso = 111.25171 Paraguayan Guarani
1 Philippine Peso = 0.07269 Qatar Rial
1 Philippine Peso = 0.0755 Romanian New Leu
1 Philippine Peso = 1.13354 Russian Rouble
1 Philippine Peso = 16.2576 Rwanda Franc
1 Philippine Peso = 0.07357 Saudi Arabian Riyal
1 Philippine Peso = 0.15204 Solomon Islands Dollar
1 Philippine Peso = 0.2669 Seychelles Rupee
1 Philippine Peso = 0.13067 Sudanese Pound
1 Philippine Peso = 0.15655 Swedish Krona
1 Philippine Peso = 0.02649 Singapore Dollar
1 Philippine Peso = 0.01455 St Helena Pound
1 Philippine Peso = 0.43567 Slovak Koruna
1 Philippine Peso = 147.14538 Sierra Leone Leone
1 Philippine Peso = 10.928 Somali Shilling
1 Philippine Peso = 402.77613 Sao Tome Dobra
1 Philippine Peso = 0.17167 El Salvador Colon
1 Philippine Peso = 10.10359 Syrian Pound
1 Philippine Peso = 0.2598 Swaziland Lilageni
1 Philippine Peso = 0.64921 Thai Baht
1 Philippine Peso = 0.04791 Tunisian Dinar
1 Philippine Peso = 0.0432 Tongan paʻanga
1 Philippine Peso = 0.06876 Turkish Lira
1 Philippine Peso = 0.13239 Trinidad Tobago Dollar
1 Philippine Peso = 0.59217 Taiwan Dollar
1 Philippine Peso = 43.90818 Tanzanian Shilling
1 Philippine Peso = 0.51422 Ukraine Hryvnia
1 Philippine Peso = 70.57092 Ugandan Shilling
1 Philippine Peso = 0.01962 United States Dollar
1 Philippine Peso = 0.56582 Uruguayan New Peso
1 Philippine Peso = 158.34804 Uzbekistan Sum
1 Philippine Peso = 0.19569 Venezuelan Bolivar
1 Philippine Peso = 445.73278 Vietnam Dong
1 Philippine Peso = 2.0155 Vanuatu Vatu
1 Philippine Peso = 0.04907 Samoa Tala
1 Philippine Peso = 10.773 CFA Franc (BEAC)
1 Philippine Peso = 0.05297 East Caribbean Dollar
1 Philippine Peso = 10.75142 CFA Franc (BCEAO)
1 Philippine Peso = 1.95017 Pacific Franc
1 Philippine Peso = 4.90386 Yemen Riyal
1 Philippine Peso = 0.25991 South African Rand
1 Philippine Peso = 101.81479 Zambian Kwacha
1 Philippine Peso = 7.10025 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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