Horwath HTL Sentiment Survey: Philippines Hotels & Resorts And The Impact Of COVID-19
This sentiment survey was conducted by Horwath HTL Singapore, in conjunction with Tajara Hospitality to gauge the impact of the COVID-19 pandemic on hotels and resorts across the Philippines. The survey received 72 responses (49 hotels and 23 resorts), representing 11,032 rooms.
Key Takeaways:
- 50% of respondents believe the impact will be felt for more than 4 months and 71% felt it's 'much worse' than any previous health scares
- Total revenue performance for 1H2020 is expected to be down 50% or more (45% of respondents)
- Total revenue performance for FY2020 is expected to be down 50% or more (38% of respondents)
- Domestic market segments are expected to bounce back positively whilst there is heightened concern for foreign demand that may never fully recover
- All respondents have implemented contingency plans from both cost and revenue perspectives
- Government assistance sought (top 3): subsidies (37%), tax reduction (28%), marketing by DOT (18%)