Philippine tourism officials are now targeting free independent tourists who now account for most of the travelers from Hong Kong.
Sara Mok, a financial officer at a Hong Kong-based company, is one such traveler. An exchange student in the Philippines for five months in 2009, Mok still has a fondness for the country and said she had no qualms about visiting it even after the hostage incident.
"It doesn't make much difference to me. I love the place, the beaches, (and) water sports. And the people are nice," said 28-year-old Mok.
Joseph Tung, executive director of the Travel Industry Council of Hong Kong, said the Philippines' emergence as an attractive destination for individual travelers has revived the tourism potential between Hong Kong and the Philippines, with the TPB and travel agents stepping up promotional efforts.
The Philippines now also promotes its entertainment and high-end luxury markets along with popular scenic spots like Boracay, El Nido, Banaue and Cebu. The country declared 2015 as Visit the Philippines year and attracted over 5.3 million foreign visitors. Buoyed by the success of the campaign, it is now pushing 2016 as Visit the Philippines Again year.
Besides sightseeing, the Philippines' casino industry has also attracted many Chinese visitors and high rollers. According to the CLSA report, Chinese tourists contributed half of the gross gaming revenue of the country's VIP gambling segment.
The country is now developing clusters of casino resorts which are only a short distance from the international airport in Manila and a new expressway, later this year.
However, concerns about personal safety still remain a major issue. These concerns — which continue to be expressed on social media sites by potential travelers from the Chinese mainland and Hong Kong — deter many tourists.
"Since the (bus hijack) incident, we knew we couldn't (expect Hong Kong) tour groups," said David Leung, a Hong Kong marketing representative of the Philippines' TPB. "In fact no group tourists have arrived in the Philippines from Hong Kong."
Panda Travel Service in Manila, which specializes in Chinese tourists, said Hong Kong tourist numbers to the Philippines are yet to touch the levels before the hijack fiasco. The tour operator said: "Despite the increase in number of mainland tourists, the same can't be said for Hong Kong travelers."
Shen, of the Chinese University of Hong Kong, said: "The Philippine government should improve its domestic security measures and services. It must convince Hong Kong people that they are welcome and safe in Philippines."
"At the end of the day, Hong Kong people are quite well known for separating sociopolitical sentiments from business and lifestyle behaviors."