Manila is bustling. The Philippines capital city is in the middle of an economic boom thanks to a galvanized English-speaking population, a promising local stock market, a stable debt rating and eager international investors looking to capitalize on the upswing.

Manila has always been a major player in the region and a coveted stronghold for many empires — Spain, the United States, China and Japan all conquered the city at one point. This created not only a diverse cultural makeup but also a local populace adaptable to changing circumstances. And at the moment, circumstances are good.

In 2014, the Philippine economy showed a gross domestic product growth of 6.1 percent, lower than the government target of at least 6.5 percent. Despite missing that goal, however, the Philippines is performing well compared to the rest of the continent. In 2014, its economy was second only to China when measuring growth. In December 2014, Moody’s raised the Philippines’ grade to a notch above minimum investment, signaling the opportunities available in the Southeast Asian country.

A rapidly rising population was once seen as a detriment to the Philippines’ often unstable economy. As the number nears the 100 million mark, the country now owns the largest working-age pool in its part of the globe, with more than 60 percent of the nation between 15 and 64 years old. And in the greater Manila area (a region with nearly 22 million inhabitants, expected to reach a staggering 30 million by 2025), most of this workforce serves the business process outsourcing industry — more specifically, employed in voice-based customer service centers. With English matching Filipino as the country’s official language, the country overtook India in 2011 as the world’s leading location of outsourced call centers, with global banks and mobile providers accounting for most of the business. From 2008 to 2014, revenue from this sector more than doubled to approximately $18 billion for the entire country.

Serendra Park in Bonifacio Global City © Junpinzon | Dreamstime.com

Economic growth receives a further boost via strong remittance from Filipinos living abroad. An estimated 10 million Filipinos live and work outside the Philippines, and most consistently send money back home. In 2014 that totaled more than $24 billion, a record sum expected to remain strong this year and next. Factors exist that support a rising middle class. According to research performed by AC Nielsen, by 2020 the Philippines’ middle-class market will double in growth to 72 percent, outpacing neighboring countries like Malaysia and Thailand. This growth continues to strengthen the country’s status as a market for premium products.

Metro Manila’s cityscape is as much about future buildings as it is about current ones, with construction all over town responding to an increased demand for high-end real estate as well as commercial properties. Among the industry’s high rollers, local developers such as Megaworld Corp. and Ayala Land Inc. will construct thousands of housing units in the next few years, amounting to record highs in apartment construction. More than 50,000 units will likely enter the market in 2015, while construction for future keys (hundreds of thousands) will also start in the next 12 months.

Building projects are also on the rise to support a promising tourism market. While the Philippines never reached the sort of superstar status enjoyed for years by Thailand and Vietnam, tourism authorities are confident that tide will change. For one, the country launched the Visit the Philippines Year campaign in 2015 to lure a record 10 million foreign travelers to its 7,107 islands with year-long programming. Although most travelers are seduced by beaches and rice terraces (none of which are found in the capital), the Manila area experiences a steadily rising demand for accommodations and other tourism features, leading to the announcement and opening of several high-profile hotels and venues. Starwood (looking to develop three hotels in the area), Hilton, Accor Group and Wyndham are just some of the global brands interested in breaking into this expanding market. That’s on top of brands already in place including Peninsula, Fairmont, Raffles and Shangri-La.

City of Dreams Manila exterior © City of Dreams Manila

Manila also looks to bolster the local gaming industry in the coming years. Several foreign brands recently opened Philippine satellites of popular gaming outposts in Manila. The first integrated resort took a bow near Ninoy Aquino International Airport in 2009 with the unveiling of Resorts World (a sister casino resort to those in Singapore and Malaysia). Now Entertainment City is establishing itself as a Vegas-like strip in the city of Parañaque. Most recently, the complex welcomed City of Dreams Manila (a sister to the one in Macau), bringing 380 gaming tables; 1,700 slot machines; and 1,700 electronic table games to Manila. Nobu Hotel also revealed its second-ever location here in May after the Las Vegas original. So busy is Manila with gaming possibilities, rumors have already started to surface regarding plans to create similar enterprises in other locales like the equally promising region of Cebu, about 530 miles south of Manila.

For decades, the Philippines bore the name “Sick Man of Asia” due to a laundry list of economic, social and political turmoil that painted an unstable picture. But in the last five years or so, the country turned itself around, leading many economic researchers to wonder if we’re seeing the emergence of a new Asian Tiger. The possibilities are endless, most obviously so in the capital region of Manila.

Things to Do in Manila

Most Filipinos say there’s not much to do in Manila, often recommending farther-flung Philippine destinations to travelers. The iconic rice terraces in the north as well as the azure waters of island beaches toward the south certainly grab more attention. But the capital district does offer something else entirely: a glimpse at how modern Filipinos live today.

Know that shopping malls play a significant role in everyday life here. Countless monoliths dedicated to shopping exist all over the metro Manila area, many of them housing more than just boutiques and restaurants — they offer bowling alleys, medical facilities, spas and more and attract everyone from affluent fashionistas to uniformed high-school students. And in a city where the weather vacillates between rainy-hot and dry-hot, air-conditioned malls provide all the necessary protection from stifling tropical heat. The most luxurious of the bunch is Greenbelt, home to some of the country’s best restaurants as well as the biggest names in fashion, such as Hermès and Prada.

An assortment of fruit juices and refreshments in Market! Market! in Bonifacio Global City © Junpinzon | Dreamstime.com

Head over to Bonifacio Global City (colloquially known as The Fort) in Taguig. It recently became the hottest neighborhood in the Philippines, welcoming new hip cafés, trendy bars, colorful boutiques and high-end homes almost weekly. Here the country’s burgeoning middle class spends most of its time.

More traditional sights include family-friendly Rizal Park and the walled Intramuros, Manila’s oldest district. Construction started back in the 16th century during Spanish colonization, and today it is one of the only places in the capital where you can see architectural remnants of Spanish-era Manila.

CHECKING IN WITH MONIQUE TODA

Director of Communications, Raffles and Fairmont Makati

What makes Manila the perfect fit for brands like Raffles and Fairmont?
Raffles and Fairmont Makati opened at the perfect time in 2014 in the Philippines. After a drought of almost two decades of new luxury hotels in the metropolis, the opening of two iconic international brands (found in one tower) signified the tourism industry was back in business. There was a new government and new leaders, and the economy was starting its boom. Manila is a mixture of East and West, with English predominantly spoken and the people naturally hospitable. It is a perfect destination for travelers.

How do Raffles and Fairmont give guests an authentic local experience?
The hotels highlight facets of Philippine culture in various ways. The Raffles Makati displays more than 1,600 commissioned artworks of Filipino artists. It is a virtual museum of local art. In fact, we have a program called Art Concierge where in-house guests can request a tour of the major art pieces. At both hotels we strive to bring about authentic local experiences through food, whether as a welcome amenity that includes native fruit or with pastries and dishes using local ingredients. This includes Café Macaron’s specialty macarons with flavors like ube (purple yam), queso de bola (Edam cheese) and mango.

What most surprises visitors about Manila?
First, that it is safe. Like any other city in the world, there are known areas to avoid. Otherwise, people are helpful and kind. Second and most importantly, the people are so nice and hospitable, always smiling. I have encountered foreigners who visit and don’t want to leave. When the Department of Tourism says, “It’s more fun in the Philippines,” it truly is. There is a love of fun and enjoyment from the people. We are always celebrating and, based on some [published] articles, have a high happiness quotient.

How does Manila differ from other cities in the region?
The Philippines is quite Westernized. Though Asian in many ways, we were colonized under the Spanish and Americans, which has had lasting effects. It is a pot of many cultures and traditions which include Malay, Chinese, Spanish and American. The cities may not be as modern or organized as those in nearby countries in terms of infrastructure, but it is the people who make a positive impression on visitors.

Why has Manila become such a “hot” city?
It’s a confluence of a stable economy; a better reputation; new establishments opening, from hotels to gaming facilities; foreign companies investing; successful Filipinos who have made a name for themselves internationally — and even Filipino food, which is getting to be quite popular in other countries.

Manila: Just the Facts

Time Zone: GMT +8
Phone Code: Country code: 63 City code: 2
Currency: Philippine peso
Entry/Exit Requirement: U.S. citizens must have a passport valid for six months to enter the Philippines. No visa is required for travelers staying 30 days or less. All passengers departing from Ninoy Aquino International Airport pay an airport terminal fee of about $17.
Official Languages: Filipino, English
Key Industries: Business process outsourcing, construction, tourism, communications, real estate, manufacturing

Manila Info to Go

Located between the cities of Pasay and Parañaque, Ninoy Aquino International Airport (MNL) lies about seven miles southwest of Manila and south of the Central Business District of Makati. Taking a taxi remains the most efficient way to get into the city from the airport. The official yellow taxis at hotel terminals cost approximately $12 to most of the hotels in Makati.

Where to Stay in Manila

Makati Shangri-La, Manila The classic high-end interior might be too traditional for some, but Shangri-La is a popular brand in the Philippines, and its Makati location remains among the most glamorous, see-and-be-seen spots in the country. Corner of Ayala and Makati avenues, Makati City $$$–$$$$

The Peninsula Manila There isn’t a more iconic hotel in the Philippines than this 497-room “Jewel in the Capital’s Crown,” featuring a dramatic fountain out front. Sophisticatedly decorated guestrooms often look out to the city skyline. Corner of Ayala and Makati avenues, Makati City $$$–$$$$

Raffles Makati/Fairmont Makati The first luxury hotels to open in the capital region in years, Raffles and Fairmont share one building with two distinct personalities that orbit around spectacular service. 1 Raffles Drive, Makati Avenue, Makati City $$$–$$$$

Restaurants in Manila

Gallery Vask Chef J. Luis Gonzales plied his trade at three of the world’s best restaurants (El Celler de Can Roca, Mugaritz and Arzak, all in Spain) before opening his Basque pintxos spot in trendy Taguig. 5F Clipp Center, Corner of 11th Avenue and 39th Street, Bonifacio Global City, Taguig $$$

Lusso Margarita-Forés’ chic kitchen turns typical comfort dishes from around the world into luxurious treats, like a foie gras croque-monsieur. Located in the middle of Makati, it’s a popular business-meal destination. Greenbelt 5, Makati City $$$

Romulo Café Its two stylish locations in metro Manila have become the most sought-after Filipino dining rooms in the area, where you can indulge in the bold flavors of the local cuisine. 32 Scout Tuason St., Quezon City; and 148 Jupiter St., Makati City $$