The chairman and president of the Philippines' Enchanted Kingdom theme park, Mario Mamon, has announced a 10-year P5 billion ($112m, €81, £67m) expansion plan to lure foreign tourists.

Mamon, who is also the International Association of Amusement Parks and Attractions (IAAPA) chairman of the board for 2014, plans to double the park’s size from its existing 15 hectares (37 acres) to accommodate hotels, new attractions, convention facilities and water parks.

"Maybe by 2015 or 2016, we will build our first hotel with 200 rooms," he told local media, adding that the expansion will be funded either through borrowing or equity from existing and new foreign investors.

Mamon expects to double annual capacity from the existing 1.8 million visitors to roughly four million. At present, locals comprise 90 per cent of visitors, with the remainder mostly Chinese and Korean visitors.

Mamon has previously expressed a desire to increase the number of foreign tourists visiting Enchanted Kingdom and will be hoping the planned expansion can spark a reversal in fortunes, after visitor numbers dropped 10 per cent last year amid the chaos of Typhoon Yolanda.

Mamon has been involved in the attractions industry since 1992, when he organised, conceptualised and managed the construction of Enchanted Kingdom, which opened its doors in 1995.