The flourishing market for family amusement rides triggers a boom in theme park construction
The Philippines - Fastest Glowing Economy In South East Asia
“The Philippines will continue to be the fastest-growing economy in the Association of Southeast Asian Nations (Asean), despite some stabilization of investment growth,” the World Bank's January 2018 Global Economic Prospects report dated 10 January, 2018. The World Bank projected the Philippines’ gross domestic product (GDP) to grow 6.7 percent in 2018 and 2019, before growing at a slightly slower rate of 6.5 percent in 2020.
The total population of the Philippines is now standing at 106.51 million people, of which 22.7 million are staying in Metro Manila. Children below 14 year old makes up of 34m (32%), youngster between 15 to 29 year old 29.5m (27.7%) and up to 49 years old 26.62m (25%), which means more than 84% of the whole population is under 49 years old, a country with youthful population.With Philippine's economy growing stronger, households are spending more on recreation and cultural activities.
Rising Spending Power
With the country ‘s economic fast growing as now the fastest in amongst ASEAN countries, citizens' income has increased. Households are allocating more expenditures to Recreation and Cultural activities. From 2012 to 2017, total expenditure estimate has increased from US$2.05 to US$2.89 billion and it is projected to reach US$3.10 billion by end of 2018.
Aside from food, shopping and park going are the most popular and favourite activities amongst Filipinos. Statistics found 27% of R&R activity-time are spent on amusement and recreation activities. There are more than 100 amusement and water parks across the country built on vast resorts and major popular tourist areas. Manila already has more that 20 of such theme parks located mainly in huge shopping malls and casino resorts.
Shopping Mall & Parks
The Philippines is planning its next business district to be located at Clark Freeport Zone, Pampanga where the new Clark Green City is now under construction.
The country also holds the record of having several large shopping malls in Asia. According to World Facts, out of 25 large shopping malls (above 300,000 m2 Gross Leasable Area) in Asia, Philippine has five (5) on the list.
There are over 220 shopping malls in Metro Manila and more than 110 outside. 10 new shopping malls are under construction and several are having its facilities upgraded to include arcades, family & fun entertainment centers, fun-ride & movie-based theme parks, indoor water parks & swimming pools, IMAX theatres, ice-skating rinks and edutainment kid-zones, which is fast becoming the growing trend.
SM Mall Of Asia, one of the large shopping malls in the Philippines, has an Olympic-sized skating rink, an IMAX theater and a fun-ride theme park. In Cebu, the Sky Waterpark is built on the roof top of the mall.
Aqua Planet in Clark Freeport Zone Pampanga has just opened its door in February 2018. This waterpark is deemed to be the most modern, sits on a 10-hectares land with 38 slides and attractions, capable of receiving 3,500 guests.
Fast Growing Attractions Market
The Philippines already has more than 180 attractions but the flourishing market for family amusement rides, attractions activities triggers a boom in theme park construction. With more disposable incomes, the growing middle class tends to spend more on attractions visit. Several investors are eyeing this growing attractions market. With its fast growing economy and increasing spending power, more parks and recreation facilities will rise.
Edutainment - Kids Zone Family Fun Center
Deamplay in City Of Dreams
Children's education is gaining importance with young parents. Facilities that offer education through play, create and learn are getting very popular. Aeon Fantasy Group "Kidzooona" started operation in 2014 with 5 locations, within 4 years has till date expanded to over 40 indoor playground locations across the country. The company has plans for rapid expansion to eighty (80) by 2020.
Mexican chain KidZania, known for theme parks where children can role-play as various occupations, open a city for kids at Global Fort Bonifacio with 8,000 sq. meter play space. And the latest addition in edutainment attractions is DreamPlay with 5,000 sq. meter creative play-center is located at City Of Dreams Manila.
World Of Fun
Amusement Arcade - Family Entertainment Center (FEC)
Visiting and playing arcade games is one very popular activity in the Philippines as most families do not have online games or game stations at home. Millions of Filipinos visit over thousands of FECs (Family Entertainment Centers) every day with majority of them in shopping malls.
Few of the biggest stores like Timezone, World Of Fun and Tom’s World have been around for decades, and to keep customers coming back, they constantly updating their machines and games for all ages, by popularity. It has been very successful they keep growing by adding more outlets every year. Just hop in to every shopping malls, you will see at least three to four big FECs around.
Aqua Planet in Pampanga