THE multi-billion dollar wedding industry in the Philippines is expected to take off at an accelerated rate in the near term, as the income of young Filipino professionals is on the rise, said an official of a US-based cinematic wedding film company.
Rob Valerio, NST Pictures business development director, said that on average, there 485,000 weddings in the Philippines a year, with 37 percent held in churches. Average spending for each wedding is P335,000.
“The Philippines has one of the strongest domestic economies in the world, and what that means is that an average Filipino has more money to spend,” Valerio said.
There is also more interest recently in church weddings than civil ceremonies, he said.
To take advantage of the growing wedding industry in the Philippines, NST Pictures, which has served in Japan and the US for 40 years, expanded its operations to the Philippines.
“We realized that the Filipino market is growing and now we want to serve weddings in the Philippines,” said Valerio. On average, couples allocate 10 percent of their wedding budget for videography.
It was in 2013 when NST Pictures opened a back office in Cebu, now with 60 people on board, for video editing works for the US and Japan accounts.
NST Pictures, according to director for communications Rey Lopez, is the largest wedding video production company in the world, having served over a million couples over the years.
The company also opened the Bridal Gallery (BG) showroom, which will be available for public viewing on Sept. 1 at the lower ground floor of FLB Corporate Center in Cebu Business Park.
The BG showroom, said Lopez, will be available to wedding professionals and targets to become the marketplace for all wedding professionals in Cebu at no cost. Presently, Valerio said there are some 2,000 wedding professionals in the Philippines and this is also expected to grow in the short-term to 10,000, as the demand for larger and sophisticated weddings expand.
There is also a BG website, www.bgbridalgallery.com.ph, where one can find wedding ideas, themes, and a network of professionals.
A year from now, Valerio said NST Pictures Cebu targets to serve 1,000 couples. Currently, the official said there are approximately 10,000 weddings in Cebu each year.
Nationwide, at least 50,000 weddings will be served by NST Pictures by next year.
A standard video package at NST Pictures starts at P35,000.