Philippine tourism firms expect over 50% revenue loss this year

Tourism-related businesses in the Philippines expect revenue losses exceeding 50% this year due to travel restrictions and business closures related to COVID-19.

A survey from PwC Philippines/Isla Lipana & Co. found that 88% of respondents anticipate over 50% revenue loss, while 63% remain optimistic about returning to normal operations within six months to a year.

The majority of the surveyed businesses are in tourism services like travel agencies and tours (70%), with accommodations making up 34%. The survey also revealed that 97% see significant impact on their business due to the pandemic.