Betting big on tourism: Ayalas allot P32B to build new resorts, hotels

Betting big on tourism: Ayalas allot P32B to build new resorts, hotels

Tourism is a highly lucrative business.

Tourism is a highly lucrative business.

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The Ayala Group is gearing up to meet the growing number of tourists in the Philippines, with around P32 billion earmarked for the construction of new hotels and resorts.

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During the ASEAN Tourism Summit held recently, Ayala Corp. chairman and CEO Jaime Zobel de Ayala said “the impact of tourism is profound in the Philippines,noting the sector’s significant total contribution to GDP at 21% or $66.3 billion in 2017. Tourism is forecast to nearly double to $123.6 billion by 2028.

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Zobel likewise noted the vast number of jobs created in the sector. In 2017, total direct and indirect joss reached 7.8 million or 9.2% of the total employment. The number is expected to rise to 10.5 million jobs by 2028

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“Imagine the impact to the economy and to people’s lives if we could raise the current revenue per employee in Travel and Tourism from approximately $1,575 per direct worker (5.3 M direct workers) to a level closer to the BPO industry’s level of $20,416 per direct worker. The economy would absolutely [prosper],” Zobel said.

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Zobel said Ayala Land would continue to focus on large-scale tourism estates to create greater positive social and economic impacts.

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