Amanpulo Resort is reeling from the dearth of foreign tourists due to the global lockdown on air travel since mid-March.
Amanpulo, operated by Seven Seas of bilyonaryo Andy Soriano, posted a net loss of P59.8 million in the first nine months of 2020, a sharp turnaround from its P150 million income during the same period last year.
Revenues plunged by more than half to P366.1 million in the first nine months of 2020 from P802.4 million a year ago.
Occupancy rate was halved to 25.6 percent in the first three quarters of 2020 from the 50.7 average occupancy rate in 2019.
Room rates in the world-famous tropical island also fell 13 percent to an average of P60,224 from January to September 2020 from P69,144 a year ago.