Real estate consultancy firm Colliers said in a research note Wednesday that a push by the Department of Tourism to shape the Philippines a preferred destination for MICE—meetings, incentives, conferences and exhibitions—should be the “impetus” needed by property developers to buttress their leisure portfolio.
The DOT is projecting foreign tourist arrivals to surge to 4.8 million this year from 2.7 million in 2022, partly driven by MICE events. The agency is now working on a MICE Roadmap that targets total revenue of P25 billion on a projected 3 percent annual growth in arrivals due to these events..
Colliers said that its survey in August showed around 72 percent of respondents are willing to attend in-person briefings and conventions, a significant jump from only 20 percent in 2021.
The real estate consultant believes MICE events should partly drive hotel demand in the in country and lift average daily rates and occupancies.
“In our view, the revival of MICE segment should provide an impetus for developers to expand their leisure presence by building new hotels and MICE facilities within and outside Metro Manila,” Colliers noted. It added that these events is also an opportunity to target long-haul and high spending foreign travelers.
