Thailand is Spending $1.23 Billion to Bring Formula 1 to Southeast Asia

Thailand is stepping on the gas! The country just got the green light from its government to bid for a Formula 1 race in Bangkok by 2028. The price tag? A jaw-dropping $1.23 billion or nearly P70 billion. Officials are banking on it to supercharge tourism and pump money into the Thai economy.

As this year’s season kicked off in March, Thai Prime Minister Paetongtarn Shinawatra met with Formula One Group CEO Stefano Domenicali and said he would commission a feasibility study into hosting a street circuit race in Bangkok, Reuters reported.

Now here’s the tea: if Thailand pulls this off, it will join Singapore as Southeast Asia’s next F1 stop. And we’re left asking, can the Philippines even dream of hosting one too?

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Hosting an F1 race is not just about building a racetrack and calling it a day. For context, a single three-day F1 event costs at least P9 billion. That covers:

• The hosting fee

• Track maintenance

• Medical and security services

• Infrastructure like grandstands and VIP suites

And that’s just the start! Imagine the logistics of moving hundreds of thousands of race fans. It means world-class public transport upgrades, crowd control on steroids, and a tourism game plan sharp enough to compete with Singapore and Thailand.

Speaking of Singapore, it is the gold standard in the region. Since 2008, its Grand Prix has raked in about P88 billion in extra tourism money. That is not even counting the side events like global CEO conferences, big concerts, and high-end hospitality, all tied to race weekend. Even small businesses around the Marina Bay circuit cash in on the frenzy.

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For the Philippines, the dream is tempting. Just picture a Manila or Cebu Grand Prix weekend with the energy, the influx of foreign visitors, and the money flowing into hotels, restaurants, and shops. But let’s be real: without major upgrades in infrastructure and transport, and without serious government backing, we are still stuck watching from the sidelines while our neighbours zoom ahead.

Thailand is racing for the future. Singapore is already ahead. And we are still figuring out if the Philippines can even make it to the starting line. Until we invest in infrastructure and tourism seriously, the closest we will get to F1 action is a flight to Singapore or (maybe soon) Bangkok.