Philippines to hold month-long shopping sale in bid to boost spending

Promotion comes as retail sales across Asia are weighed down by a coronavirus scare

Last updated: February 24, 2020 | 08:21

Bloomberg and Compiled by Nathaniel Lacsina, Digital Content Producer

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GETTING READY: The Philippines, home to among the world's largest malls, will hold a month-long shopping sale in March, a move that could reinvigorate the retail sector hurt by the virus scare.

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TOURISM PUSH: Mall operators like SM Prime Holdings Inc. and Ayala Land Inc. to more upscale retailers like SSI Group Inc. will participate in the sale, announced a year ago, and forms part of the government's six-year tourism roadmap.

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SALES DENTED: Sales in leading Philippine malls fell as much as 20 per cent in the first few weeks of the virus. Sales in SM Prime's seven malls in China were cut by half.

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PUSHBACK AGAINST VIRUS: Sales in SM Prime's Philippine malls fell as much as 20 per cent in the first few weeks of the virus while sales in its seven malls in China were cut by half.

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DOMESTIC TOURISM: The government is also banking on domestic tourism to help offset what appears to be a sharp decline in international travellers, based on data from the Manila International Airport Authority.

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CONSUMPTION: Private consumption accounts for about 74 per cent of the Philippine economy, while tourism makes up about 12 per cent.

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FLIGHTS: Flights to and from Manila's airport fell 22 per cent after the Southeast Asian nation imposed a travel ban on places hit by the virus.

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DROP IN INTERNATIONAL TRAVEL: International travellers saw a 16.7 per cent year-on-year drop to 1.35 million in the January 25 to February 17 period, according to data.

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TRAVEL INDUSTRY: Domestic travellers declined 3.4 per cent to 1.4 million.

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EYEING RECOVERY: "It's a lost opportunity but at the end of the day, there is time to recover," Manila airport chief Eddie Monreal said. "Hopefully, we'll be able to recover soon."

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