Phl tourism revenue revs up to $7 billion

‘We have received over 4.63 million international visitors — close to the 4.8 million target tourist arrivals for this year — which constitutes 96 percent of our entire year’s target, contributing over 7 billion US dollars to our economy’

Earnings reaped by the country through foreign visitor receipts have already reached an estimated $7 billion or about P404.02 billion in the first 10 months of 2023, the Department of Tourism reported on Thursday.

This was announced by Tourism Secretary Christina Garcia Frasco to the international business community during the 2023 Philippine Economic Briefing on 15 November (Manila time) at the Ritz-Carlton Hotel in San Francisco.

She said the amount is around 190 percent higher compared to the $2.47 billion, or P138.46 billion in estimated visitor receipts recorded last year.

“We have received over 4.63 million international visitors which constitutes 96 percent of our entire year’s target, contributing over 7 billion US dollars to our economy,” Secretary Frasco said, close enough to the 4.8 million target tourist arrivals for this year.

Tourism 2nd top economic driver

Secretary Frasco also noted that the country’s economic managers have manifested that tourism is the second top economic driver for the Philippines in the first half of 2023.

To recall, the year 2022 concluded with tourism contributing 6.2 percent to the country’s gross domestic product.

Over 2.65 million foreign visitors came to the country, while 102 million domestic trips were recorded, resulting in more than 5.35 million persons employed in tourism industries.

“The Department of Tourism marks 50 years of bringing the world’s attention to the immense beauty of our country, where tourism is a unifying force for good, and has emerged as one of the strongest pillars of our economy post-pandemic,” Frasco said.

Tourism is a priority

“As we usher in this golden era of tourism, the work of our President Ferdinand Marcos Jr. has been to rally the entire nation, including the public and the private sector, from the national to the local governments, across the entire tourism value chain, to articulate that tourism is a priority,” she said.

“This prioritization, and if I may quote our President, goes beyond the mere provision of economic opportunities and jobs. Rather, it stems from the deep love that all of us Filipinos have for our country,” she added.

Dubbed “Think Growth, Think Philippines,” the PEB in San Francisco is one of the activities of the Philippine delegation on the sidelines of President Ferdinand Marcos Jr.’s working visit to the United States of America for the 30th edition of the Asia-Pacific Economic Cooperation or APEC Summit.