Pump-priming industrial, leisure sectors to aid inclusive growth

PHILIPPINE PROPERTY has been experiencing some headwinds.

- By Joey Roi Bondoc

Despite this, potential for exponential growth beyond 2025 looks promising.Two sectors we need to focus on are hotel and industrial sectors. It can't be denied that the country has been having a difficult time welcoming more international visitors post-COVID. But the growth prospects being seen by foreign hotel brands as well as local hospitality players are immense, especially given the government's promise of modernizing more airports. Attracting more tourists bodes well for the country, as the sector is one of the key job-generating segments of our economy, benefiting a souvenir seller and conglomerates building hotels.

The industrial sector, on the other hand, has shown resilience even at the height of COVID restrictions. But the challenge of attracting more high-value manufacturers remains, especially if the government wants to provide more employment opportunities in the countryside. While there's ample industrial space for locators as developed by private players, the public sector needs to do its part and improve business registration systems, further simplify tax rules, honor sanctity of contracts, efficiently build more infrastructure, and improve the Philippines' global anti-corruption rankings.

GOVERNMENT UNLIKELY TO MEET TOURIST ARRIVAL TARGET, AS LOCAL TRAVELERS LIFT HOTEL DEMAND