The Philippines’ objective to double its gross gaming revenue by 2028 appears to be gaining traction, as evidenced by recently released statistical data.
Last year, the nation achieved a net trade surplus in travel for the first time in 15 years, amounting to a surplus of $2.45 billion. This indicates that expenditures by foreign visitors in the Philippines surpassed what Filipino travelers spent abroad.
Alejandro Tengco, PAGCOR Chairman and Cristina Frasco, DOT Secretary
The Department of Tourism (DOT) expressed optimism about the country’s tourism industry’s gradual recovery, citing this surplus as a positive sign. According to the balance of payments from Bangko Sentral ng Pilipinas (BSP), the Philippines last recorded a travel surplus in 2007, amounting to $1.93 billion.
DOT reports indicate that travel services export receipts in 2023 reached 93.2 percent of the pre-pandemic levels of 2019, totaling $9.78 billion.
Tourism Secretary Christina Frasco emphasized the importance of collaboration between the public and private sectors to achieve Manila’s tourism targets outlined in the National Tourism Development Plan (NTDP) for 2023 to 2028. Frasco stated that DOT will continue to enhance promotional efforts and offer unique travel experiences to both domestic and international markets.
In 2023, the Philippines exceeded its target by welcoming 5.45 million international visitors.
The growth in tourism is fueling continuous expansion in the gaming sector of the Philippines. Chairman Alejandro Tengco of the Philippine Amusement and Gaming Corp (PAGCOR) anticipates a minimum annual growth of 10 percent in gross gaming revenue (GGR), with projections of reaching PHP450 billion ($7.9 billion) to PHP500 billion ($8.8 billion) by 2028.
In 2023, the Philippines recorded a record-breaking PHP285 billion ($5.1 billion) in GGR, with predictions of reaching PHP336 billion ($6 billion) this year. Tengco also forecasts that the Philippines will surpass Singapore as Asia’s second-largest gambling hub by 2025, following Macau.
Several major projects are set to further boost the gaming industry, including the opening of Bloombery Resorts’ new $1 billion integrated resort – Solaire North in Quezon City, scheduled for late May this year. Additionally, the Westside City Project, an integrated resort in Manila’s Entertainment City, plans to open its Main Hotel Casino in the first quarter of 2025.
Investments continue to pour into the gaming industry, with reports suggesting foreign and domestic entities could inject up to $6 billion into the Philippines’ casino sector within the next five years. Tengco outlined plans for ongoing sector expansion, including the establishment of at least one new casino-resort every other year, extending beyond Manila to areas such as Clark and Cebu.
The surge in tourism in the Philippines is not only revitalizing the industry but also driving unprecedented growth in casino gaming revenue, marking a symbiotic relationship between the two sectors. As international visitors flock to the country, they bring with them a surge in demand for entertainment, leisure, and gaming experiences, propelling the casino industry to new heights.
