2016’s GDP growth of 6.8% in the Philippines was the 11th highest globally. The economy is thus expected to grow by a solid pace as the government’s initiatives including infrastructural spending are paying dividends. Construction and financial intermediation, which includes real estate, renting and business activities, were the fastest growing sectors in the Philippines between 2011 and 2016. With this, various advances especially in technology are expected to take place in the Philippines, allowing it to become a relevant and developing country.
Despite facing a number of barriers and limitations, online travel sales to residents are still expected to continue to persist, particularly as the Philippines has a high internet penetration level. Online travel sales to residents are expected to increase over the forecast period with a value CAGR of 9% at constant 2016 prices. As the issue surrounding trust and confidence in online transactions has been presence for a long time, this is expected to subside given the potential increase in successful trials, which will lead to a repeat of online transactions. This also presents the opportunity to share the experience with others, relying on word-of-mouth and actual experiences to downplay the fear of online transactions.
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