In this edition of Market Intelligence, Colliers Research provides insights on the projected increase in tourism receipts this year, the revenues to be generated from Victoria de Malate, and the entry of Taiwanese and Chinese investments in the country. Furthermore, Colliers encourages developers to complete the delivery schedules of their upcoming hotels and to further explore fringe areas which are ripe for new development.
The MUFG Bank Ltd of Japan believes that the returning Chinese tourists and Filipinos will likely double tourism receipts in the Philippines this year. Senior Currency Analyst Jeff Ng says that travel receipts could reach between USD6 billion and USD8 billion in 2023 compared to last year’s projected USD4 billion.
New San Jose Builders Inc. (NSJBI) expects to generate PHP7 billion in revenues from its 45-storey residential condominium project, Victoria de Malate, in Manila. NSJBI will start to turnover the condominium units by June 2023.
Philippine Economic Zone Authority (PEZA) Officer-in-Charge Tereso Panga said ten firms from Taiwan are interested to invest in the Philippines. Panga also shared that PEZA is expecting the entry of small commodity producers from China into the country.
