Philippine Tourism Industry Attracts More Family Money: Why It’s Wrong
Photo Credit: Conrad Manila, owned by the Sy family. A handful of families in the Philippines control 70 percent of the Philippines’ tourism industry. SM Group
Skift Take
For many, the idea that a few families can control a whole industry is unthinkable, unfair, actually galling. In Philippine tourism, it’s as entrenched as the sight of a jeepney — no one thinks anything of it at all. That has to change, although it won’t be anytime soon.
Legacy families are a huge part of the economic structure in Asia. Thailand has its Chearavanonts and Chirathivats, Hong Kong its Lees, Kwoks, and Chengs, the Philippines its Tans and Zobels, to name a few.
These days tourism is catching the eye of more wealthy families in the Philippines, thanks to robust growth. Foreign arrivals are expected to reach 12 million by 2022, from 7.1 million last year. Domestic travelers are showing they agree it’s more fun in the Philippines, making 97 millions trips at home last year.
But it's worrisome to see that more rich families are entering the tourism sector — or want to — as our article below shows. As it is, the industry is already largely controlled by just five of them.
Most Filipinos probably don’t even realize just how exten
