Sales of Duty Free Philippines Corp. (DFPC) grew 4 percent in 2019 $226 million in 2019 from $217 million in 2018.
DFPC said in a statement the growth is double than the 2 percent registered in 2018, citing
The Philippines’ hosting of the Southeast Asian Games and the opening of Duty Free Luxe as having significantly contributed to the upswing.
Vicente Pelagio Angala, DFPC chief operating officer, said the growing number of tourists visiting the newly-rehabilitated Boracay Island via Kalibo Airport has been beneficial to DFPC sales.
Filipino tourists, balikbayans or visiting Filipinos who live overseas, and overseas Filipino workers (OFWs) remained the top source market with a share of 85 percent.
Confectionery is still the major growth driver, with 31 percent share of the total sales, followed by liquor (21 percent), fragrance and cosmetics (18 percent), and fashion merchandise (10 percent).
DFPC has met a number of significant milestones last year including the opening of “Go Lokal’s” Marahuyo in November.
In 2019, DFPC embarked on the renovation of the Fiestamall and NAIA Terminal 1 Arrival stores.
DFPC is expected to open a store at the Hilton Sun Valley Resort inside Clark Freeport Zone by the first quarter of this year.