Phuket arrivals prove to be resilient

Russia the top source market in 2025

Russia the top source market in 2025

Direct flights to Phuket have helped the province maintain a stable inbound market during this year's high season. (Photo: Molpasorn Shoowong)
Direct flights to Phuket have helped the province maintain a stable inbound market during this year’s high season. (Photo: Molpasorn Shoowong)

A mix of Asian and European markets has helped Phuket outpace the rest of the country in terms of tourism recovery, with arrivals during the first 10 months up year-on-year, while hotels have maintained room rates and occupancy during the current high season.

As of October, the number of tourists flying direct to Phuket tallied 4.16 million, increasing from 4.09 million year-on-year and reaching 97.5% of the total recorded in 2019.

Russia led the top 10 source markets with 832,976 visitors, almost doubling the numbers from India and China in second and third place, which recorded 488,387 and 476,743 arrivals, respectively. Rounding out the top 10 were Australia, the UK, Germany, Malaysia, South Korea, France and Kazakhstan.

The Tourism and Sports Ministry reported on Tuesday nationwide arrivals as of Nov 10 decreased by 7.14% year-on-year to 27.6 million tourists, generating 1.27 trillion baht, down 4.5%.

The top five markets nationwide were Malaysia with 3.9 million, followed by China (3.8 million), India (2 million), Russia (1.4 million), and South Korea (1.3 million). Sixth through tenth were Japan, the UK, the US, Taiwan and Singapore.

Regionally, the Asia-Pacific market contracted by 13.8% during the first three quarters this year, in sharp contrast to Europe, which recorded 12% growth.

Suksit Suvunditkul, president of the southern chapter of the Thai Hotels Association, said the average occupancy in Phuket last month was 75% with the average room rate standing at 3,049 baht, up from 71% and 2,681 baht, respectively, year-on-year.

In November and December, the average occupancy rate on hand stands at 77%, while the room rate has surged by 50% compared with October, driven by high tourism demand, particularly from long-haul markets.

“The average room rate during this high season is expected to remain stable or experience a slight decrease compared to a very solid record in 2024. However, any reduction would be far less severe than the low season, which saw a significant drop from last year,” said Mr Suksit.

He said the Chinese market in Phuket remained weak, aligning with the trend nationwide which saw a sharp fall of 33% in the first three quarters. Direct flights to Phuket from second-tier cities in China were significantly reduced, resulting in a plunge in mass Chinese tour groups, said Mr Suksit.

According to the hotel business operator sentiment index in October, the average occupancy of hotels nationwide closed at 63%, while it is anticipated to reach 67% in November.

Thienprasit Chaiyapatranun, president of the Thai Hotels Association, said hotels in the South and East are still expected to gain stronger long-haul markets than other parts of the country. He said 74% of hotel operators reported a drop in the Chinese market, and 45% saw a reduction in short-haul markets, while only 37% were affected by a decrease in long-haul markets in the fourth quarter.

Thailand to review stiff fines in new booze law

People gather with drinks at a pub o…

People gather with drinks at a pub on Khaosan Road in Bangkok. (Photo: Pattarapong Chatpattarasill)
People gather with drinks at a pub on Khaosan Road in Bangkok. (Photo: Pattarapong Chatpattarasill)

A Thai government committee overseeing alcohol policy will meet on Thursday to review new rules that impose harsh fines for drinking during times when sales are prohibited, the government said on Tuesday.

The amended Alcoholic Beverage Control Act, which took effect on Nov 8, says individuals can be fined 10,000 baht or more for drinking or being served alcoholic beverages during prohibited times or in prohibited places.

The new rule does not specify the times but makes reference to a government announcement issued on June 23, which reiterated that permitted sale hours are between 11am and 2pm and between 5pm and midnight. Exceptions are made for international airports, licensed entertainment venues and hotels.

The change has taken many people by surprise, as they believed the ban on afternoon sales was going to be scrapped.

Thailand has banned most retail outlets and supermarkets from selling alcohol between the hours of 2pm and 5pm since 1972. 

The new amendment means that customers at regular restaurants who might order alcoholic beverages in the daytime must finish them or stop drinking before 2pm. In theory, a person could order a drink at 1.59pm but if they are still drinking it at 2.01pm, they could be fined. 

A government spokesman said the amended rules could cause confusion among people, especially foreign tourists.

A committee would address the issue on Thursday, and clarifications should be issued by Dec 4.

Italian wood carver caught working illegally on Koh Phangan

The Italian wood carver is taken int…

The Italian wood carver is taken into custody at his rented house on Koh Phangan, Surat Thani, on Monday. (Photo blurred and supplied by Koh Phangan Tourist Police)
The Italian wood carver is taken into custody at his rented house on Koh Phangan, Surat Thani, on Monday. (Photo blurred and supplied by Koh Phangan Tourist Police)

An Italian wood carver has been arrested on Koh Phangan in Surat Thani for working in a job reserved only for Thais.

The 36-year-old Italian suspect, whose name was withheld, was arrested at a house in Koh Phangan district on Monday. 

At the front of the house was a workspace he used for carving. Tourist police seized 12 wood-working tools.

There were two foreign customers viewing his work when police raided the place.

The suspect admitted to working as a wood carver, saying he had the necessary skills and most of his customers were foreigners, police said. A wooden frame he had carved was priced around 3,000 baht.

Police charged him with working in a job reserved for Thais.

Ayala Land 9M net income flat

Merkado BarkadaNovember 12, 2025 | 8:20am

Ayala Land [ALI 19.20, down 1.1%] [link] teased its 9-month results, revealing that it made P21.4 billion ove…

Merkado Barkada

November 12, 2025 | 8:20am

Ayala Land [ALI 19.20, down 1.1%] [link] teased its 9-month results, revealing that it made P21.4 billion over the three-quarter period, which was nearly flat from the previous year’s net income of P21.2 billion. In a disclosure on Nov. 10, 2025, ALI said consolidated revenues during the period reached P121.8 billion, down by 2.7% y/y, following a “softer residential performance.” Figures showed income from the property and development business edged down by nearly 1% to P75.9 billion. Meanwhile, revenues from leasing and hospitality portfolio rose 6% to P35.1 billion. ALI President and CEO Anna Ma. Margarita Bautista-Dy said the company “continues to navigate market challenges with discipline and focus.”

 

MB bottom-line: Headlines are meant to direct our attention, but when it comes to quarterly earnings, the strongest “signal” that we can take from a headline is in what is left unsaid. When profits are thicc and business is great, almost every quarterly earnings press release will lead with quarterly net income. Measure everything you read against this. If you don’t see a quarterly net income in the headline, that’s a red flag. What are they talking about instead? If they trumpet some other period of time, like “H1” in Q2, or “9M” in Q3, then you know they’re trying to hide current-quarter weakness in net income. If they’re talking about Q3 results but they’re focusing in on some other performance metric like consolidated revenue, that’s a red flag, too. The worst case is a combination of the two. Here, ALI is only flying one out of the two possible quarterly earnings headline red flags. It’s talking about net income (good), but using its 9M performance instead of talking about its Q3 performance (uh oh). It told us it’s made P21.4 billion in 9M net income. Subtract the P14.2 billion in H1 net income from its previous quarterly report, and we’re left with P7.2 billion in net income attributable for Q3/25. Compare that with Q3/24’s P8.0 billion net income attributable, and we can see why they’d rather not talk about Q3 net income: it’s down 10% y/y. “Flat” sucks, but it’s not as ugly as being down 10%.

Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.

Apollo Global scam evolves to include blockchain

Merkado BarkadaNovember 12, 2025 | 8:10am

Apollo Global [APL 0.01, down 5.7%] [link], the country’s only “offshore mining” company, announced that it h…

Merkado Barkada

November 12, 2025 | 8:10am

Apollo Global [APL 0.01, down 5.7%] [link], the country’s only “offshore mining” company, announced that it had entered into a Memorandum of Understanding (MOU) with Philippine-based blockchain firm BayaniChain Tech Inc. (BYC), establishing a framework for continued discussions between the two companies. In a disclosure on 10 November 2025, APL said the goal of the MOU is to “explore a possible merger, acquisition, equity investment, joint venture, or other mutually beneficial strategic partnership.” APL said blockchain’s evolution is “aligning perfectly” with its digital business expansion plans. It added that BYC is looking into the Philippine financial markets to “strategically expand its global footprint and enhance its brand equity.”

 

MB bottom-line: I called this two weeks ago when APL first revealed that it was looking to “diversify” into the digital space. Maybe we’re not getting a shitcoin (like I thought), but we are definitely getting something shitcoin adjacent, like a crypto payments app. I hate everything about this. It’s my opinion that APL has misled and defrauded investors with its failed offshore mining business. It’s so bad that the PSE is even asking APL to provide monthly updates on its business. So, for a company doing absolutely nothing for its shareholders, what better sector to get into than crypto payments? You don’t even have to do the whole dog and pony show with pictures of an alleged boat, or come up with new ways to describe your non-existent commercial operations. Now, all they’ll have to do is fire up Canva to make a cryptobro slide deck and say “blockchain” every other sentence. Way easier.

Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.

Thais look to the state for lower prices, living costs

PUBLISHED : 12 Nov 2025 at 07:01

  …

Thais look to the state for lower prices, living costs

More than a third of Thais expect the government to reduce living costs or control the prices of consumer goods, according to a National Statistical Office (NSO) survey.

The survey was conducted from Oct 17-23 with 5,000 participants aged 18 or older who reside in private households nationwide.

The survey found 40.3% of respondents expect the government to reduce the cost of living and control prices of consumer goods.

Some 31.5% expect the government to engineer an economic recovery, 30.8% to resolve the Thai-Cambodian border issues, 19.4% to address agricultural issues such as falling crop prices and fertiliser discounts, and 18.1% want the administration to address drug problems.

Regarding their confidence in the government’s ability to solve problems, 31% of respondents said their confidence is high, 52.6% replied moderate, and 3.1% have low confidence.

Ekapong Rimcharone, director of the NSO, said the survey is part of a series on public satisfaction and expectations related to government policies, in line with the office’s “Big Quick Win” effort to promote rapid survey results.

In terms of the top five urgent policies the government should implement, 86.8% respondents said it should rush to generate income and reduce expenditure, while 63.8% said the government should solve the Thai-Cambodian dispute through peaceful means.

Some 58.5% urged the government to address household debt and increase liquidity, while 45.3% want to see strict suppression of all forms of illegal gambling. In addition, 32.8% of respondents want the government to decisively and seriously eliminate corruption and misconduct.

Regarding public life satisfaction, respondents gave an average life satisfaction score of 7.10 out of 10.

The sampled population in the southern region had an average life satisfaction score of 7.32, higher than in other regions.

Bangkok respondents had an average life satisfaction score of 6.75.

Mr Ekapong said the survey results provide important information that will help the government and relevant agencies improve the quality of life and create well-being for people.

CREIT declares 10th consecutive flat dividend

Merkado BarkadaNovember 12, 2025 | 8:00am

Citicore Energy REIT [CREIT 3.40, up 0.3%] [link] declared a Q3/25 dividend of P0.049/share, payable on Jan. …

Merkado Barkada

November 12, 2025 | 8:00am

Citicore Energy REIT [CREIT 3.40, up 0.3%] [link] declared a Q3/25 dividend of P0.049/share, payable on Jan. 12, 2026 to shareholders of record as of Dec. 11, 2025. The dividend was unchanged both q/q and y/y. In compliance with the REIT requirement to distribute at least 90% of its distributable income—which totaled P304.49 million for the quarter—CREIT’s latest payout amounts to P274 million.

MB bottom-line: Longtime readers will know that I’m a big fan of CREIT’s structure, and a huge fan of CREIT’s management team. CREIT has been a very stable and dependable investment through a period of PSE chaos and global underperformance. Since its first P0.49 dividend back in Q2 of 2023, CREIT’s repeatedly delivered stable dividends while its stock has appreciated 45%. Over the same span of time, the PSEi has fallen nearly 17%. So CREIT would have been a good choice for most portfolios over that span. The thing that kills me, though, is the lack of growth. Two and a half years is a long time to wait for a reward. I’m not prepared to lump this all on the executive team, as I’ve heard that there may be regulatory issues getting in the way of efficient transfers between CREIT and its sponsor, but if this is a rules issue, then who are we waiting for to act? The SEC? The ERC? Renewable energy is a massive component of our country’s future growth and energy security, and being able to recycle capital in this capital-intensive industry to continue development is a vital part of our strategy to fuel that growth. So what the hell is going on? The PSE is filling up with public renewable energy companies, but they’re all doing prefs and bond sales to raise capital, presumably due to this same issue. Sayang.

Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.

Power bill price speculation ‘inconclusive’

Thailand's data centre industry is still in its early stages with no clear figures on consumption patterns or peak demand, Mr Kan noted. 123RF.com
Thailand’s data centre industry is still in its early stages with no clear figures on consumption patterns or peak demand, Mr Kan noted. 123RF.com

The Energy Regulatory Commission (ERC) says it is too early to conclude that electricity prices will fall as more data centres are developed in the country.

Kan Saengruang, deputy secretary-general of the ERC, said that projections by stock market analysts suggesting lower power bills remained “inconclusive”.

Analysts argue that the arrival of electricity-hungry data centres could reshape the country’s power payment system, potentially easing costs for households and businesses.

At the centre of the debate is the availability payment (AP), a mechanism under power purchase agreements (PPAs) that requires the government to pay electricity producers for contracted supply, even if actual usage is lower. While the AP guarantees a stable electricity supply during demand surges, it also raises tariffs, which directly affect consumer bills.

Analysts believe data centres, which consume vast amounts of electricity, could help to absorb part of this financial burden. That would mean households and businesses pay less for unused electricity.

But Mr Kan cautioned that Thailand’s data centre industry is still in its early stages, with no clear figures on consumption patterns or peak demand.

“The start of the data business in Thailand may consume little electricity,” he said, adding that the Provincial Electricity Authority and Metropolitan Electricity Authority have not reported significant increases in demand from data centres.

Thailand’s peak electricity usage this year was recorded on March 29, when consumption hit 33,658.3 megawatts at 8.33pm, with temperatures exceeding 36°C. That figure was well below the country’s contracted capacity of nearly 52,000MW as of June, leaving a 36% surplus.

Data centre operators can purchase renewable energy directly under a new direct PPA scheme starting in January.

ERC secretary-general Poonpat Leesombatpiboon said the pilot programme, with a generation capacity of 2 gigawatts, is designed to attract investment by allowing power producers to sell electricity directly to clients.

Although peer-to-peer renewable energy trading is not permitted in Thailand, the direct PPA scheme offers data centre operators access to clean power. Details of the programme, including third-party access rules, wheeling charges for using state transmission lines and trade regulations, will be finalised after approval by the Energy Policy Administration Committee.

“A public hearing and service fee discussions have already been completed,” said Mr Poonpat.

Authorities have spent months pushing for the launch of the direct PPA scheme after the National Energy Policy Council approved in June last year a pilot direct PPA to support foreign investors who want renewable energy to run their businesses.

The government previously invited foreign companies specialising in data centre development to invest in Thailand, but they sought clarity about the direct PPA policy.