growth of tourism in the philippines

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Tourism industry in the Philippines - statistics & facts

Domestic tourism leading the industry in times of uncertainty, outlook of the tourism industry, key insights.

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Economic impact

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Tourism industry growth rate Philippines 2018/19-2021/22, by sector

Annual growth rate of the gross value added generated from the tourism industry (GVATI) in the Philippines from 2018/19 to 2021/22, by sector

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Tourism receipts in the Philippines from 2019 to 2022 (in billion Philippine pesos)

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Inbound tourism

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Expenditure value in inbound tourism Philippines 2021-2022, by type

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Number of inbound overnight tourists Philippines 2012-2021

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Domestic tourism

• Premium Statistic Number of domestic tourism trips Philippines 2012-2021
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• Premium Statistic Number of international tourist departures in the Philippines 2014-2029
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Value of expenditures on accommodation services for visitors in outbound tourism in the Philippines from 2012 to 2022 (in billion Philippine pesos)

Expenditures on food and beverage services in outbound tourism Philippines 2012-2022

Value of expenditures on food and beverage serving services in outbound tourism in the Philippines from 2012 to 2022 (in billion Philippine pesos)

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Accommodation

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Maximum overnight room rate of hotels in Metro Manila in the Philippines as of June 2023, by city (in Philippine pesos)

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The Philippines sets ambitious 2024 tourism target after remarkable rebound in 2023

In a new move to revitalize its tourism sector, the Philippines Department of Tourism (DOT) has set an ambitious target of 7.7 million international visitors for the year 2024. The goal is just shy of its pre-pandemic count of 8.2 million. Tourism Secretary, Christina Frasco, expressed the unwavering commitment to the transformation of Philippine tourism, guided by the National Tourism Development Plan 2023-2028.

The announcement comes after a successful 2023, where the country welcomed 5,450,557 international visitors, surpassing the initial target of 4.8 million set by DOT. 91.80% of these visitors were foreigners, while 447,082 were overseas Filipinos returning to their homeland.

Notably, the Philippines experienced an economic boost, generating an estimated 482.54 billion PHP in international tourism revenue in 2023. The number is more than doubling the income recorded in 2022.

Frasco pointed out that the impressive number of visitors in 2023 indicate a faster-than-expected recovery of the tourism industry, with a 124.87% increase compared to 2022.

Local tour operators have reported a 30% increase in bookings to popular destinations such as: Boracay, Siargao, Coron, Davao and Cebu. This indicating a strong rebound in domestic tourism. The increase is attributed to the effectiveness of aggressive promotional campaigns to re-establish the Philippines as a premier travel destination.

Source: ttrweekly.com

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About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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Exploring the Economic Impact of Tourism on the Philippines

As the pandemic eases, the Philippines opened tourism again in 2022 which will likely serve to boost the economy in coming years.

As the Philippines go through multiple changes adapting to the digital era, the pandemic, and administration changes within the government, there have been challenges in how tourism would move forward in 2022 and the succeeding years. Specifically, there is an urgent need to adopt policies in the tourism industry that drive economic recovery as it will help minimize the adverse effects of the pandemic.

For instance, the government now allows incoming, vaccinated foreign visitors to utilize quarantine waivers instead of a previously mandatory quarantine period. This trend will likely become more prominent in the next two years as international travel to the Philippines will become more frequent. 

Such a development is positive for the Philippine tourism industry as it will entice foreign travelers. Likewise, other industries will also benefit as the entry of foreigners will introduce a new market to cater to. Specifically, sectors like retail, food and beverage (F&B), and hospitality will benefit the most from the influx of visitors. To further bolster this predicted growth, the tourism sector should seek to collaborate with closely related industries by creating package deals that cater to the end-to-end needs of visitors, like hotel accommodation, transportation services, tours, etc.

• Analyzing the Potential of India’s Manufacturing Industry
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DOT: Growth of the Tourism Decade is the Triumph of the Filipino People

• BusinessMirror
• May 18, 2019
• 5 minute read

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A tourism act for a stronger tourism industry, sustaining the success so far, tourism roadmap 2022, convergence at work, dot attached agencies, partnership with the private sector, a celebration of the tourism decade.

Tourism is now one of the country’s major revenue generators, a catalyst for socio-economic growth and a source of national pride.

In 2017, the Philippine Statistics Authority reported that the sector contributed 12.2% to the country’s GDP, equivalent to PHP 1.929 trillion, a huge leap compared to its PHP 466 billion contribution in 2009 (or 5.8% of the GDP).

That spike in growth can be attributed to the enactment of Republic Act 9593, better known as the Tourism Act of 2009.

“The positive growth of the tourism industry today is because of the innovations of the Tourism Act of 2009. The law has enabled the nation to develop the sector to provide inclusive growth to communities all over the country,” said Department of Tourism (DOT) Secretary Bernadette Romulo-Puyat.

Signed into law on May 12, 2009 by President Gloria Macapagal-Arroyo in Cebu City, R.A. 9593 recognized tourism as an indispensable element of the national economy and an industry of national interest and importance. Senator Richard Gordon and former Bohol Representative Edgardo M. Chatto were the principal authors of the law.

Under R.A. 9593, the DOT was reorganized and given considerable sources of funding to achieve its designated mandate and functions.

“The tourism bill is not a manna from heaven; it is a challenge for Filipinos to take stock in the beauty of their homeland and the talents of their countrymen. We already have everything we need to become one of the biggest tourism destinations in the world but it will not come without hard work,” said Gordon.

Ten years on, the DOT celebrates the Tourism Act’s role in creating a robust Philippine tourism industry. Compared to only 3 million international arrivals in 2009, the tourism industry has made a huge leap by welcoming 7.1 million international visitors in 2018.

One indication of the social impact of the Philippine tourism industry is the number of jobs it has created in the last decade. By 2017, 13.1% of total employment—5.3 million jobs—were directly attributed to the tourism sector, compared to only 3.9 million in 2009.

Puyat said, “We celebrate the Tourism Act of 2009 to look back at how the tourism sector was able to transform lives and communities for the past decade. However, it is also a driving force, our motivation to work harder knowing that tourism has the power to propel the nation and its people toward growth and prosperity.”

Part of the provisions of R.A. 9593 is the creation of the Philippine National Tourism Development Plan (NTDP), DOT’s strategic framework that guides the development of the industry.

The NTDP 2016-2022 aims to realize 12 million tourist arrivals and generate PHP 3.9 trillion tourism revenue, contributing a Gross Value Added (GVA) of PHP 2.4 trillion to the country’s GDP and employing 6.5 million Filipinos by 2022.

DOT prioritizes the programs that are concerned with: (1) developing adequate infrastructure, (2) facilitating travel, (3) providing safety and security, and (4) developing tourism areas.

To ensure that DOT gets these done, it is implementing a convergence approach where the Department works in partnership with other national government agencies such as the Department of Transportation (DOTr) and the Department of Public Works and Highways (DPWH).

As of now there are 12 international gateways that service the 49 Tourism Development Areas in the Philippines, with 8 having already undergone rehabilitation and improvement.

In 2018, the convergence of the government agencies facilitated the construction and opening of new airports such as the Mactan-Cebu International Airport that can now accommodate 12.5 million passengers per year. The Bohol-Panglao International Airport was also inaugurated last year with an annual capacity of 3 million passengers.

The government is currently building new airports, including a new terminal at Clark International Airport that is due to open in 2020. In the pipeline are the Bicol International Airport in Legazpi, and expansion plans for Manila, Davao, Iloilo, Kalibo, Puerto Princesa, and Laguindingan airports.

Two organizations were reorganized under R.A. 9593. The Philippine Tourism Authority (PTA) became the Tourism Infrastructure and Enterprise Zone Authority (TIEZA), and the Philippine Conventions and Visitors Corporation (PCVC) was replaced with the Tourism Promotions Board (TPB).

TIEZA is the implementing agency and infrastructure arm of the DOT. It prioritizes the construction of tourism infrastructure projects of national interest and significance. From 2010 to 2019, TIEZA completed a total of 300 projects (including the Boracay Water Drainage Program Phase II), 15 of which are ecotourism projects located in provinces that need development the most.

R.A. 9593 also provided for the establishment of Tourism Enterprise Zones (TEZ), parcels of land developed into master-planned, integrated tourism complexes, and designated as such as by the TIEZA Board.

Vital components of TEZs are infrastructure utilities, tourism-sector enterprises such as accommodation, MICE, theme park and other leisure facilities.

TPB, on the other hand, is DOT’s marketing arm. TPB’s milestones for the last decade include successfully marketing and promoting to strategic key markets that contributed 85% to 90 % of the total international visitor arrivals to the Philippines in partnership with private and public stakeholders. It has hosted a total of 4,374 international travel trade and media practitioners to participate in invitational programs or familiarization trips from 2015 to 2018 and 1,279 foreign buyers from 2011 to 2018 during the Philippine Travel Exchange.

The Intramuros Administration (IA) is DOT’s arm responsible for the restoration and development of the historic walled city of Intramuros. IA is positioning itself to be known as the country’s creative urban heritage district. The Maestranza Wall will be transformed into the Philippines’ first creative hub focused on design excellence.

Other attached agencies of DOT include the Duty Free Philippines Corporation, National Parks Development Committee, Philippine Retirement Authority, Nayong Pilipino and the Philippine Commission on Sports Scuba Diving.

The private sector continues to play a large part in developing the Philippine Tourism Industry. As part of R.A. 9593, the Tourism Congress of the Philippines (TCP) was established to give the private sector a role in the crafting of tourism policy in partnership with DOT and its attached agencies.

“Whereas prior to R.A. 9593, the private sector was somewhat of a passive partner, the creation of the TCP gave increased importance and responsibility to the stakeholders as far as how the tourism industry should proceed,” said current TCP President Jose Clemente III.

Marking the 10th anniversary, DOT will launch a year-long campaign titled “The Tourism Decade: Celebrating the Rise of the Philippine Travel Industry with the Tourism Act of 2009.” It narrates how R.A. 9593 has significantly improved the lives of thousands of individuals and communities. Through the stories of the people from the tourism sector, those who dedicated their lives to making meaningful and memorable experience for visitors, the public is able to affirm the transformative power of the tourism industry.

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Tourism in the Philippines pp 183–190 Cite as

Tourism in the Philippines: Conclusions and Implications for Management

• Richard S. Aquino 5 &
• Brooke A. Porter 6 , 7  
• First Online: 28 September 2022

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Part of the book series: Perspectives on Asian Tourism ((PAT))

Tourism plays a significant role in the Philippines’ socio-economic development. However, an array of management issues persists in achieving the desired sustainable and inclusive development of the tourism industry in the country. This edited book uncovered some of these contemporary tourism management issues organized under broad themes. This concluding chapter articulates the practical findings and implications of the contributions in this volume. Key findings from the contributions are discussed as they relate to the identified broad themes. Implications for applied management are considered and future research directions building from the contributions are discussed.

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• Tourism development
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• Philippines

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Aquino, R.S., Porter, B.A. (2022). Tourism in the Philippines: Conclusions and Implications for Management. In: Aquino, R.S., Porter, B.A. (eds) Tourism in the Philippines. Perspectives on Asian Tourism. Springer, Singapore. https://doi.org/10.1007/978-981-19-4497-0_10

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Tourism: the Philippines’ Next Growth Engine

By Bernardo Villegas and Maria Cherry Lyn Rodolfo

Home to some of the world’s finest tourist destinations, the Philippines can indeed achieve significant economic headway by fostering its tourism industry. Discover how Dutertenomics and the govern ment’s rebalancing strategy or pivot towards its Northeast Asian neighbours such as China, South Korea, Japan, and Taiwan are contributing to the positive outlook of the country’s tourism sector.

Under the Republic Act No. 9593 of 2009, Philippine tourism is recognised as an industry of national importance, an engine for investments, employment, growth and national development. Tourism has emerged as the third engine of economic growth in the Philippine service sector, next only to the remittances from Overseas Filipino Workers and the Information Technology-Business Process Management (IT-BPM) sector. Tourism’s contribution to the Philippine GDP reached 12.2% in 2017 and grew by 24.2% from the 2016 record. 1 In terms of share to total Philippine export revenues, foreign tourism spending contributed 9.2%, next only to semiconductors and miscellaneous services. Its value expanded by 43.9% – from PhP 311.7 billion in 2016 to PhP 448.6 billion in 2017. The domestic tourism expenditure, accounting for 22.8% of household final consumption expenditure, reached Php 2.6 trillion in 2017, higher by 25.5% from its 2016 record.

There is good news to share with regard to tourism volume, a major component of the tourism expenditures. Domestic tourism, projected at 70 million in 2017, 2 continues to serve as backbone of Philippine tourism, making it resilient to external shocks over the years. In 2017, the Philippines hosted 6.6 million foreign tourists or 11% higher than in 2016. For the first quarter of 2018, the number of foreign visitors increased by 14.8% from 1,784,882 to 2,049,094, half of them originating from South Korea, China, and the United States. These figures for the first three months of the year already represented 27% of the 7.4 million target number of visitors for 2018 under the National Tourism Development Plan. The not so good news is that the foreign tourism number of the Philippines is way behind its neighbours. In 2017, for example, the country attracted just 6.6 million foreign visitors compared to Thailand at 33 million, Malaysia 27 million, Singapore 16 million, Indonesia 12 million, Vietnam 10 million. One advantage of our neighbours is that they share borders with each other (unlike the Philippines where more than 98% of tourists enter and exit by air) and their road and airport infrastructure is very good to support multi-country trips and tour packages. The thrust of the new DOT leadership under Secretary Bernadette Romulo-Puyat to implement the National Tourism Development Plan, “to prioritize improving policies on access, connectivity, and security as well as enhance programs on tourism infrastructure” 3 and to broaden and deepen the linkages of farming and agriculture with tourism markets in the value chain provide good opportunity to increase yields from longer stay and higher daily spending. By developing and offering diversified, competitive and sustainable product portfolios as well as efficient and seamless transportation across the Philippine archipelago, tourists will have better reasons to purchase multi-island and multi-destination packages thru the extensive network of airports and seaports across the country. Apart from investments in connectivity and access, tourist destinations need investments in destination infrastructure – rooms, water, sanitation, and power – to sustain growth.  

There is an upside in what is called Dutertenomics, i.e. if the massive infrastructure investment projects both from the government and private sector side (PPP) are actually implemented, the influx of foreign visitors and increase in the number of domestic travellers could even be beyond expectations. Note that a good number of the planned projects involve the improvements of airports in the major tourism destinations like Pampanga, Cebu, Bohol, Palawan, Iloilo, Bacolod, Davao and Cagayan de Oro. The utilisation of these airports for Philippine tourism will not only decongest NAIA that handled a total of 41 million passengers in 2017 vs. its design capacity estimated at 31.5 million passengers annually but also make tourists enjoy higher value for their money thru more direct flights to these international airports outside of NAIA. The opening of the second terminal in Mactan-Cebu Airport in June 2018 by Megawide and the Bangalore-based GMR Group will increase the annual passenger handling capacity of the airport from 4.5 million to 12 million. The construction of the new terminal in Clarkfield, Pampanga is designed to expand its current capacity of 4.5 million to 12 million by 2020. Tourists from the beaches of Central Visayas will find it easier to explore the cultural and natural destinations of the Northern Philippines and vice versa. Infrastructure such as railway to/from Manila to Clark and new toll roads that can be pursued by conglomerates such as Metro Pacific and San Miguel, will significantly reduce the commute time of those traveling north, by as much as sixfold. Cavite and Bulacan are too close to Metro Manila as locations for a new airport to solve the serious congestion problem of the National Capital Region. Both alternatives to NAIA will require very expensive reclamation of land which can be ecologically damaging in the case of Cavite; or in the case of Bulacan, worsen the problem of vanishing agricultural lands about which the Secretary of Agrarian Reform has been complaining.

Also contributing to a positive outlook is the rebalancing strategy being followed by the Duterte Administration in shifting greater attention to our closer relations with our Northeast Asian neighbours such as China, South Korea, Japan, and Taiwan – potential sources of increased tourism flows into the Philippines.   These Northeast Asian source markets already accounted for 53.1% of total foreign visitors in 2017. 4 Its first quarter share reached 55% higher than its share of 52.7% during the same period in 2017 largely due to the double-digit growth of arrivals from China, Japan, Korea, and Hong Kong. The Chinese market that accounted for 18.13% grew the fastest at 54.53%. By the end of 2018, the Chinese market would have breached the 1.5 million mark. At a growth of 30% per annum in the next four years, tourists from China will reach the 4.5 million mark and emerge as the Philippine’s top source market by 2022. By that time, China could account for 37% of the country’s target of 12 million foreign tourists. There is a lot of room for growth for tourists from Japan, Singapore, Taiwan, and Malaysia, as well as Australia, and the United Kingdom.

Even more important than its contribution to GDP is the employment-generating potential of the tourism sector, especially in the countryside. For example, the proliferation of bed and breakfast facilities in the rural areas of Palawan, Bicol, Southern Tagalog, Central, and Eastern Visayas – catering especially to more than 70 million domestic tourists – offer employment opportunities to the families of the households of farmers who are among the poorest in the Philippines. As of 2017, the tourism sector was estimated to have a total employment of 5.3 million, representing about 13.2% of the total workforce in the country. 5   In 2017, of the total employed in the sector, the Accommodation and Food and Beverage sector accounted for 33.0%; passenger transport 37.9% recreation, entertainment and cultural services 6.2%; retail trade on tourism-characteristic goods 6.6%; travel agencies and tour operators 0.7% and miscellaneous 15.7%. 6   The Duterte administration is targeting to generate employment for 6.5 million persons by 2022, which would bring up the rate to 14.4% of total employee 7 which is close to the employment rate of manufacturing today.

At a growth of 30% per annum in the next four years, tourists from China will reach the 4.5 million mark and emerge as the Philippine’s top source market by 2022.

It is providential that the current administration has embarked on a rebalancing of the trade, investment and cultural relations of the Philippines with the rest of the world. Without decoupling with its traditional partners such as the United States, Europe, and Japan, the Duterte administration has been giving more attention to its neighbouring countries in Northeast and Southeast Asian countries, especially to China, South Korea, and Taiwan. In 2016, the Department of Tourism profiled the various nationalities visiting the Philippines through the Annual Visitor Sample Survey conducted across the country’s various airports. As a strategic guide to tourism and travel establishments who want to cater especially to the Chinese, we present the results of the survey revealing the particular characteristics of the Chinese tourist market compared to other nationalities that visited the Philippines during the latest available survey period of 2016:

About 51.5 % of Chinese tourists were married and majority (49.3%) were travelling with their spouses, children, and relatives, a lot more so than other nationalities. This family-orientation may be considered a positive factor since the Philippines is also steeped in family-centered domestic tourism. It also bodes well for keeping a morally sound environment in the tourism destinations which usually are spoiled by backpackers and single individuals looking sometimes for the wrong kinds of fun and entertainment.

Koreans were the huge contributors in terms of foreign tourist receipts within average daily spending of $192.5. Chinese average daily expenditure per capita registered at a relatively low $63.4, although the study shows that while they cut back on spending for accommodation and food and beverage they spend heavily on entertainment and recreation and shopping. The Chinese prefer hotels and resorts for their accommodation, especially those travelling in groups, although their spending per capita is quite low based on the survey. There is bright opportunity for bed and breakfast establishments that can be registered with Airbnb. These enterprises can generate more employment in these areas where underemployment is the most serious problem. They can also be compatible with the efforts of the Government to give a big push to the development of small and medium-scale enterprises. A bnb establishment is usually run like a family business.

With regard to shopping, a good number of Koreans (71.2%) do it in tourist duty-free stores while the other four major nationalities (China, USA, Japan, and Australia) were more willing to go to the shopping malls, possibly due to longer average length of stay.

A relatively large number (55.1%) of Chinese visitors were motivated to go to the Philippines because of recommendation by friends and the presence of friends and relatives. Another 10.1% of them were motivated thru television/radio/film/video/internet, one of the highest among all nationalities.   This makes it very necessary for our travel and tourism enterprises to do a great deal of digital marketing targeted to the Chinese market.

Around 9.3% of Chinese respondents came to the Philippines to explore investment opportunities. The other nationalities averaged only 0 to 1%. This information jibes well with my own experience about large investors, especially in the infrastructure area. The majority of investors who have been asking for economic briefings regarding opportuni ties to invest in the so-called Dutertenomics list of infrastructures come from China. The next group would be the Taiwanese, who have been expressly told by their President “to go South”.

Good climate is the one thing that the Chinese liked in the Philippines much more compared to that of the other visitors. Other factors that international visitors found positive were the warm hospitality they received and the country’s beautiful sceneries and attractive beaches.   No wonder that since the start of more friendly relations with China occasioned by the more friendly diplomatic relations achieved by the Duterte Administration, we have seen a surge of Chinese visitors in key destinations like Boracay. Panglao, and Puerto Princesa.

The thing that the visitors most disliked about the Philippines, as expected, was the heavy and chaotic traffic. This perennial problem in urban areas like Metro Manila and Metro Cebu should be converted into an opportunity for other fop tourism destinations like Central Luzon, La Union, Aurora, Camarines Sur, Albay, Palawan, Bohol, Batangas, and Davao to attract foreign tourists away from these congested urban areas.   Fortunately, there are increasingly more direct flights to international airports outside Metro Manila that can be gateways for foreign tourists.

The development of the cruise tourism industry is an opportunity to complement the air arrivals by making the seaports in the country friendlier to international cruises. A study funded by USAID entitled “Developing the Philippines as a Cruise Destination:   National Cruise Tourism Strategy” outlined bright prospects for the international cruising market if more of our international ports which are gateways to tourism destinations are rendered more cruise ready. The principal ports ideal for cruising are Manila, Subic Bay, Cebu, Davao, and may I add Batangas City (which is the gateway to some of the most attractive beaches in the Southern Tagalog area). The secondary ports are Bohol (Tagbilaran and Catagbacan), Puerto Princesa, Coron (and surrounding islands), Boracay (Caticlan) and Ilocos Norte and Ilocos Sur (Currimao and Salomague).   In 2017, the number of port calls reached 139, up by 93% from the previous year and generated 97,338 cruise arrivals. For the period 2012 – 2017, the cruise arrivals expanded by an average of 20.2%. The main markets were China, Japan, South Korea, and Taiwan. Over the longer run, there will be increased traffic for cruises within the ASEAN Economic Community since our neighbouring countries, especially Indonesia, Vietnam, Thailand, and Myanmar are experiencing a rapid increase in their middle-income households who will have more discretionary income to go on cruises in the region. Whether or not these potentials will actually be exploited in the next five years will depend on the ability of the Duterte Administration to cut through the red tape, bureaucracy and political intrigues that unfortunately torpedo the best-aid plans. 

About the Authors

1. Philippine Statistical Authority. Philippine Tourism Satellite Accounts. http://psa.gov.ph/content/contribution-tourism-economy-122-percent-2017. Accessed on June 8, 2018.

2. National Tourism Development Plan 2016-2022. Department of Tourism. 

3. http://tourism.gov.ph/news_features/opening_statement.aspx . Accessed on May 30, 2018.

4. http://tourism.gov.ph/tourism_dem_sup_pub.aspx.   Accessed on May 15, 2018.

5. Philippine Statistical Authority. Philippine Tourism Satellite Accounts. http://psa.gov.ph/content/contribution-tourism-economy-122-percent-2017. Accessed on June 8, 2018.

6. Philippine Statistical Authority. Philippine Tourism Satellite Accounts. http://psa.gov.ph/content/contribution-tourism-economy-122-percent-2017. Accessed on June 8, 2018.

7. National Tourism Development Plan 2016-2022. Department of Tourism.

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Road to resurgence of tourism sector in the Philippines

Broad indicators in the global tourism industry, including arrivals, flight capacity, and hotel occupancy rates, are anticipated to finally recover to pre-pandemic levels by next year, according to real estate services firm Leechiu Property Consultants Inc.

Industry stakeholders should thus look out for certain trends that can significantly impact the Philippines in the coming year, including the relaxation of visa restrictions, persistent high airfares driven by escalating aviation fuel costs, ongoing inflation, a high-interest rate environment that may leave consumers with diminished purchasing power, as well as the return of business travel and meetings, incentives, conferences, and exhibitions (MICE) events.

Promising outlook

The third quarter of 2023 alone already revealed a promising outlook on the Philippine tourism sector, with the number of international tourist arrivals reaching 4.038 million as of end September. This places the Department of Tourism (DOT) at an impressive 84 percent of its 4.8 million international tourist arrivals target for 2023.

Despite substantial recovery from key source countries like South Korea, the United States of America, and Australia, the Philippines has yet to reclaim more than 50 percent of its 2019 tourist numbers from Japan and China.

China’s relatively low recovery rate can be attributed to multiple factors, including limited international flight capacity, which currently operates at only 50 percent of its pre-pandemic levels. Meanwhile, the reduced number of Japanese tourists year to date may be linked to a 32-year low for the Japanese Yen, falling below 150 per US dollar, among other concerns.

Private sector investments

To sustain the growth in the Philippine tourism industry, there’s a pressing need for greater private sector investment in additional hotel accommodations. Initiating these investments within the next year is critical to fortify international tourism beyond 2027.

Currently, a development pipeline is in place, with nearly 15,000 new hotel rooms expected to be delivered within the next five years, primarily concentrated in Metro Manila. Moreover, additional hotel projects are anticipated to be announced in the coming months or years, aligning with the DOT’s target of 12 million international arrivals for 2028.

The development of hotels in key cities such as Cebu, Clark, Davao, Bohol, and Palawan highlights the pivotal role of international airports in driving demand for hotel accommodations.

For instance, the establishment of the Bohol–Panglao International Airport in 2018 and the installation of night instrumentation in 2019 have significantly boosted tourist arrivals in Panglao. In 2019, Panglao reached an impressive 1.58 million visitors, coming close to Boracay’s 2.034 million arrivals during the same period.

Premier tourism destination

Given these promising figures, it’s becoming increasingly likely that Panglao Island could surpass Boracay Island as the Philippines’ premier tourism destination.

Alfred Lay, director for Hotel, Tourism, and Leisure at Leechiu Property Consultants, highlighted a key advantage of Panglao over Boracay: its larger size and capacity limits. He also pointed out the ongoing developments in Panglao, including the proposed 50-ha Panglao Shores project, the upcoming JW Marriott hotel, the Cebu-Bohol bridge, and large-scale energy initiatives designed to meet Bohol’s growing energy demands.

These developments have had a significant impact on land values, with Alona Beachfront properties now priced at approximately P80,000 to P120,000 per sqm, approaching the land values in Boracay’s white beach area.

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Philippines vies for 7 awards at 2024 World Travel Awards

By John Patrick Magno Ranara Published Apr 10, 2024 11:39 am

The Philippines has once again been nominated at the prestigious 2024 World Travel Awards (WTA).

This time, the country is vying for a total of seven awards, with the major ones being Asia’s Leading Beach Destination, Asia’s Leading Dive Destination, and Asia’s Leading Island Destination.

Several local spots were also selected by the awarding body, namely, Intramuros as Asia’s Leading Tourist Attraction, Boracay as Asia’s Leading Luxury Island Destination, and Cebu as Asia’s Leading Wedding Destination.

Meanwhile, the Department of Tourism (DOT) was nominated again as Asia’s Leading Tourist Board.

In a statement to the media, Tourism Secretary Christina Frasco said that the nominations "underscore the dedicated efforts of the Department of Tourism since the inception of the Marcos administration."

She went on to express her gratitude to WTA for providing "a platform to continuously showcase our diverse tourism offerings not only within Asia but on the global stage," as well as to tourism stakeholders who continue to protect and conserve the Philippines' beautiful travel destinations.

Frasco added that winning these accolades would not only add prestige to the country but will also " translate into livelihood opportunities for millions of Filipinos whose well-being depends on tourism."

"We aim to maintain and surpass the strides we've made since taking office, ensuring sustained growth in the country's tourism sector," she highlighted.

According to Frasco, 2023 was a banner year for the Philippines because of how it emerged victorious in several tourism categories at WTA. The country was previously recognized as the World’s Leading Dive Destination for the fifth consecutive year while Manila was named the top city destination in the world.

Apart from these, the Philippines also earned Asia’s Best Cruise Destination from WTA and the Destination of the Year honor from online travel platform TripZilla.

You can vote for the Philippines at this year's WTA through their website . You must first register an account to be able to cast your vote, but keep in mind that you can only do so until July 28.

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Philippines likely to post fastest GDP growth among ASEAN+3 countries this year, 2025

THE PHILIPPINES is expected to grow faster than Association of Southeast Asian Nations (ASEAN) member countries, China, Japan, South Korea and Hong Kong this year and in 2025, but elevated in f lation remains a key risk to the outlook, a regional think tank said on Monday.

In its Regional Economic Outlook quarterly update, the ASEAN+3 Macroeconomic Research Office (AMRO) kept its 6.3% gross domestic product (GDP) growth outlook for the Philippines, unchanged from the January report.

This is faster than the revised 5.5% GDP growth in 2023 and within the government’s revised 6-7% target for this year.

AMRO also sees the Philippines expanding by 6.5% in 2025, also within the government’s 6.5-7.5% goal.

“I think 6.3% is very strong growth (for this year), among the highest in the region,” AMRO Chief Economist Hoe Ee Khor said in a virtual brie f ing. “The Philippines will also benefit from the upswing, you know, in terms of external demand… Manufacturing sector will bene f it from that and the recovery in tourism.”

For this year, AMRO’s growth projection for the Philippines is ahead of Cambodia (6.2%), Vietnam (6%), Indonesia (5.2%), Malaysia (5%), China (4.4%) Laos (4.7%), Hong Kong (3.5%), Myanmar (3.2%), Thailand (2.9%),   Brunei Darussalam (2.7%), Singapore (2.6%), South Korea (2.3%) and Japan (1.1%).

For 2025, the Philippines and Vietnam are expected to be the growth leaders in the region.

“The Philippine economic outlook is clouded by various risk factors and challenges. In the near term, growth prospects are relatively robust, but high inflation is a risk, especially as a result of local supply shocks in the food sector and the impacts of geopolitical conflicts on international energy prices. These will exert upward pressure on inflation which can dampen domestic demand,” AMRO said in the report released on Monday.

Philippine in f lation will be among the fastest in ASEAN+3 this year at 3.6%, alongside Vietnam, according to AMRO estimates.   Only Myanmar (16.1%) and Laos (14.3%) will likely post faster in f lation. 

For 2025, the think tank sees Philippine inf l ation easing to 2.9%.

AMRO’s inflation forecasts for the Philippines are lower than the Bangko Sentral ng Pilipinas’ (BSP) 3.8% and 3.2% estimates for this year and next year.

“I think there’s a slight risk that this year, because of the synchronized upswing in the global economy, that inflationary pressure may actually be on the upside rather than on the downside, so it may slow down the moderation in the growth rate,” Mr. Khor said.

He noted that upside risks to in f lation could delay rate cuts by the BSP, which on Monday kept policy rates at a near 17-year high of 6.5%.

“(Inflation) has not come down low enough for the [Philippine] central bank to feel comfortable to ease the rate… Our view is that monetary policy also needs to remain fairly tight until in f lation has come off and reach its (2-4%) inflation target,” he added.

AMRO said the Philippines also faces risks from an economic slowdown in major trading partners, volatilities in financial markets and tighter f inancial conditions.

“Looking at the longer term, the growth potential will largely hinge on the economic scarring effects of the pandemic, the pace of infrastructure development and heightened geopolitical tensions between China and the United States,” it said.

The Philippines also faces rising social and economic costs from climate disasters. AMRO said the country needs to craft a comprehensive strategy for “resilient, sustainable and inclusive long-term growth.”

‘ENGINE OF GROWTH’ The ASEAN+3 region is seen to expand by 4.5% this year and by 4.2% in 2025, according to the AMRO report.

The ASEAN region alone is projected to grow by 4.8% this year, higher than AMRO’s 4.5% projection in January. For 2025, the region is expected to grow by 4.9%.

Inflation in ASEAN+3, excluding Laos and Myanmar, is forecast to slow to 2.5% this year, and to 2.3% in 2025.

“Domestic demand is likely to remain resilient, underpinned by recovering investment and firm consumer spending,” AMRO said. “Export recovery, especially in semiconductors, and tourism should provide an additional lift to growth.”

The think tank said the ASEAN+3 region will continue to be the “engine of growth” for the world economy, as it is projected to contribute as much as 45% of global growth through 2030.

However, AMRO warned the near-term outlook for the region faces risks from a sudden spike in global commodity prices due to an escalation in geopolitical tensions or weather shocks.

“Other key risks include slower-than-expected growth in China, adverse spillovers from the US presidential election campaign and possible recession in major advanced economies outside the region,” it added.

AMRO also noted that the outlook gives ASEAN+3 economies a chance to rebuild policy space that was lost during the pandemic.

“Going forward, the priority for fiscal policy should be directed mainly at restoring buffers while providing targeted support for the economy. Meanwhile, it is essential for monetary policy to be focused on anchoring in f lation expectations given the continued upside risks to in f lation,” it said. — Beatriz Marie D. Cruz

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Philippines to lead growth in ASEAN+3

M ANILA, Philippines — The Philippines is expected to post the fastest economic growth in the Association of Southeast Asian Nations Plus 3 this year and the next, according to the ASEAN+3 Macroeconomic Research Office (AMRO).

The ASEAN+3 Regional Economic Outlook (AREO) 2024 report released yesterday showed the AMRO expects the Philippine economy to grow by 6.3 percent this year – unchanged from the growth forecast it provided in January.

This growth forecast is higher than the revised 5.5 percent growth posted last year and is within the government’s adjusted growth target of six to seven percent for this year.

“(The) 6.3 percent (growth) is a very strong performance, among the highest in the region,” AMRO chief economist Hoe Ee Khor said in a briefing yesterday.

AMRO’s growth forecast for the Philippines for this year is higher than its projections for other economies in the region such as Cambodia (6.2 percent), Vietnam (six percent), China (5.3 percent), Indonesia (5.2 percent), Malaysia (five percent), Lao People’s Democratic Republic (4.7 percent), Hong Kong (3.5 percent), Myanmar (3.2 percent), Thailand (2.9 percent), Brunei (2.7 percent), Singapore (2.6 percent), South Korea (2.3 percent) and Japan (1.1 percent).

The 2024 gross domestic product (GDP) forecast for the Philippines is also higher than AMRO’s projected growth rates for ASEAN+3 and Southeast Asia.

AMRO expects ASEAN+3 to expand by 4.5 percent this year, faster than the 4.3 percent growth in 2023, while ASEAN is projected to grow by 4.8 percent this year from the previous year’s 4.2 percent.

The stronger growth for ASEAN+3 this year is expected to be driven by robust domestic demand amid increasing household incomes and investment activity.

In addition, the anticipated turnaround in exports, in part due to the global chips upcycle and the continued recovery of tourism, will also support stronger growth in the region this year.

“The Philippines will also benefit from an upswing in terms of external demand. The manufacturing sector will benefit from that and also the recovery in tourism,” Khor said.

For next year, AMRO expects the Philippines to expand at a faster pace of 6.5 percent, within the government’s revised 6.5 to 7.5 percent growth target.

AMRO’s 2025 GDP forecast for the Philippines, if realized, will make the country the fastest-growing economy along with Vietnam in ASEAN+3 next year.

The growth forecast for the Philippines next year is also higher than AMRO’s projected 4.2 percent growth for ASEAN+3 and 4.9 percent expansion for ASEAN in 2025.

In terms of the inflation outlook, AMRO expects inflation in the Philippines to ease to 3.6 percent this year and further to 2.9 percent next year after last year’s six percent, which was above the two to four percent target range of the Bangko Sentral ng Pilipinas (BSP).

“Inflation is still on the high side and I think the (BSP) governor has expressed the view they are going to wait until inflation has come off more before they will start to feel comfortable about easing. So when this is going to happen, we don’t really know. I think there is a slight risk this year, because of the synchronized upswing in the global economy, inflationary pressure may actually be on the upside rather than on the downside. It may slowdown the moderation in the growth rate and in which case, then it will delay any easing in monetary policy,” Khor said.

Khor said risks that could affect ASEAN+3’s growth trajectory are a sudden spike in global commodity prices, weaker-than-expected growth in China and a sharp slowdown in the US and Europe.

In terms of longer term challenges the region would face, AMRO cited aging, global trade reconfiguration and rapid technological changes.

Allen Ng, AMRO group head and one of the lead authors of the AREO report, said aging is posing a challenge to the region, with becoming old before becoming rich a concern for many economies in the region.

While aging is happening, he said the region’s population is also living longer and healthier.

He said policies that will allow people to remain productive at an older age would be crucial for the region’s future.

Similar to aging, AMRO believes addressing concerns on global trade reconfiguration and the impact of rising technologies such as Generative AI on industries and jobs would require policies.

“Navigating these crosscurrents requires prioritizing robust policies to secure growth under various possible futures. For ASEAN+3, this includes deepening infrastructure development as well as promoting innovation and social inclusion,” Ng said.

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