MEDIA RELEASE
21 June 2024
CONTACT:
CZARINA ZARA-LOYOLA
Director
Office of Public Affairs and Advocacy
DOT Chief highlights “phenomenal performance” of Philippine tourism at investment summit
Department of Tourism (DOT) Secretary Christina Garcia Frasco underscored the outstanding accomplishments of the Philippine tourism industry during the inaugural Philippine Tourism and Hotel Investment Summit 2024.
The event organized by the Philippine Hotel Owners Asssociation, Inc. (PHOA) at the New World Makati Hotel on Friday (June 21), gathered key industry leaders, stakeholders, and investors.
“Since the onset of the pandemic, metrics for tourism performance and success have evolved. Globally, tourism performance is measured by visitor receipts, as it is the spending of our tourists that ultimately benefits our economy and provides livelihood to Filipinos. I assure you, ladies and gentlemen, Philippine tourism is performing phenomenally,” Secretary Frasco declared, highlighting a decisive shift from traditional metrics such as tourist arrivals.
Secretary Frasco reported that tourism investments in 2023 totaled ₱509 billion, reflecting an impressive growth of over 34 percent compared to 2022, and surpassing the 11.7 percent growth of the entire Philippine economy. The accommodation sector was the largest contributor, accounting for 51 percent of the total investments.
“The power of tourism to improve the lives of Filipinos through job creation rests on two critical and interdependent drivers of tourism growth: tourism expenditures and tourism investments,” Secretary Frasco stated.
Frasco emphasized the significant growth in both domestic and inbound tourism expenditures in 2023, which contributed substantially to the Gross Domestic Product (GDP) and job creation. The sector employed over 6.21 million Filipinos, according to the Philippine Statistics Authority (PSA).
In a strategic move to expand the country’s hotel infrastructure, Secretary Frasco hinted the launch of the Philippine Hotel Industry Strategic Action Plan (PHISAP) in partnership with PHOA.
“Through this summit today, we look forward to further collaborations with hotel owners, investors, and developers to expand their projects in the Philippines, make new investments, thereby increasing room inventory and enhancing our global competitiveness,” she remarked.
Secretary Frasco also discussed the seven Strategic Goals and Objectives under the National Tourism Development Plan (NTDP) 2023-2028, the flagship Tourism Enterprise Zones (TEZs), tourism investment through the CREATE law, and the revision of the National Accommodation Standards (NAS) for Hotels, Resorts, and Apartment Hotels.
She announced the DOT’s issuance of expanded guidelines for Muslim-friendly accommodation establishments.
Concluding her address with optimism, Secretary Frasco said, “We have laid the groundwork through the National Tourism Development Plan, tourism enterprise zones, as well as our partnerships with all of you. The vision of our President needs your continued support, for it is only through our continued collaboration that we can truly usher in a golden era for tourism, where the Philippines rises to its rightful place as the next tourism powerhouse in Asia.”
The summit also featured insights from industry experts such as UN Tourism Coordinator of the Innovation, Education, and Investments Division Peter Jansel and Smith Travel Research (STR) Area Director for Asia Pacific Jesper Palmqvist. Panel discussions with leading developers and hotel entrepreneurs provided diverse perspectives on the future of hotel investments in the Philippines.
TIEZA Chief Operating Officer Mark Lapid and PHOA President Arthur Lopez welcomed the delegates, emphasizing the importance of collaboration and investment in driving the future of Philippine tourism.
Distinguished attendees included Malaysian Ambassador to the Philippines Dato Abdul Malik Melvin Castelino, Vietnam Ambassador to the Philippines Lai Thai Binh, PHOA Executive Director Benito Bengzon, Jr., and other officials from DOT and its attached agencies, tourism stakeholders, hotel and accommodation executives, and aviation heads.
The summit showcased a variety of hotel brands, tourism enterprises, and supplier partners through exhibitions.
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