Local tourism to spur growth
THE Covid-19 (coronavirus disease 2019) pandemic plunged the Philippine economy into a recession. However, after several months of community quarantine, the country started to slowly reopen, thereby driving economic recovery, particularly through tourism.
Tourism was one of the country’s hardest-hit industries as its revenue dropped by 72 percent in the first seven months of the year. Despite this situation, the Department of Tourism believes its recovery can also help the economy regain its losses since it contributed 12.7 percent of the country’s Gross Domestic Product and 5.71 million to employment in 2019, according to a Philippines Statistics Authority report.
Major tourism destinations like Tagaytay, Boracay, Baguio, and Bataan have reopened their doors to local tourists following health and safety protocols. Local tourism can help the economy get back on track, according to real estate developer CitiGlobal Realty and Development Inc.
“The pandemic may have given the tourism sector some setbacks like other industries, but still its contributions to local economies and people are immeasurable,” said Gary To, managing director of CitiGlobal.
“Tourism allows entrepreneurs to gain more opportunities and develop products. Some businesses won’t usually succeed with local communities alone, but exposure to diverse audiences will allow it to grow faster,” said To.
While the country does not need to reopen its borders to foreign tourists immediately as the pandemic will not likely end soon, slowly opening local tourism opportunities can make an immediate impact. Local tourism alone can help generate revenues for provincial towns, increase local employment, spur demand for local products, and increase local hotels’ occupancy.
A renewed tourism will impact many industries and CitiGlobal shares a few of these industries that will rebound from local tourism.
Restaurants and other food services
Restaurants specializing in local cuisine will have major success with tourism since it can expect more customers who are adventurous and curious about the local cooking. It has been said local cuisine is a reflection of the history and culture of a certain locale. Thus, one can learn something about the culture through the food unique to the place.
Besides natural attractions, historical locations can attract tourists, especially knowledge seekers who want to learn more about local history and culture. Since it is an attraction, it can be given more attention and care since this is one of the drivers for tourism.
Every location has its own unique culture, where even the smallest items can hold a significant meaning to its people, and tourists will most likely want to bring home a remembrance of it with them. Selling mementos and trinkets can become other means of income for locals, as well.
The hospitality industry greatly benefits from tourism since most of its customers would be tourists looking to stay for a few days. Basically, the more tourists in the location equals more business for the hospitality industry.
The money that tourists bring in allows businesses to grow quickly, especially if they offer a unique service or product that fulfills a tourist’s needs. Opportunities to start a business at locations where tourism booms are the best prospects investors can make to generate more income.
One easy investment people can make to gather more income is to invest in real estate properties in known and potential tourism spots. One investment that investors, even beginners, can make, is investing in Condotels like properties from CitiGlobal. It allows you to earn passive income, have your own accommodations, and do not have to be hands-on to manage it for customers.
CitiGlobal envisions becoming a top real estate developer in the country, effortlessly putting the country’s best tourism locations on the map through their real estate properties. The company also aims to provide investment opportunities for overseas Filipino workers, in particular, to return to the country and be with their families.