The Philippines posted average economic growth of 6.4% over 2010-19. While the Covid-19 pandemic tested the country’s resilience during 2020, the response measures contained within the two national stimulus packages, Bayanihan 1 and 2, provided support to vulnerable industries. Meanwhile, the rollout of the imminent Corporate Recovery and Tax Incentives for Enterprises bill is expected to create
Tourism played a central role in the Philippines’ economic development in the years leading to 2020, and an increasing emphasis on sustainability and responsibility underscores the sector’s importance for the years to come. While the popular island of Boracay has long drawn tourists, local authorities continue work to diversify destinations through the creation of tourism enterprise zones…
The global tourism industry has been hit hard by the Covid-19 pandemic, as border closures and travel restrictions prevented tourists from venturing overseas. In emerging markets such as the Philippines the slump in international tourism took a heavy toll on local communities that depend on the industry for their livelihoods, as well as starved these countries of a vital source of foreign exchange.…
Tourism in the Asia-Pacific region has seen impressive growth in recent years, aided by cheaper air fares, an expanding consumer class and increased exposure brought about by improved internet connectivity. Although these developments have led to significant economic benefits for countries across the region, they have also had some negative consequences, particularly for the environment. Around…
Tourism played a central role in the Philippines’ economic development in the years leading to 2020, and an increasing emphasis on sustainability underscores the sector’s importance for the coming years. While the popular island of Boracay has long drawn tourists, local authorities continue work to diversify destinations through the creation of tourism enterprise zones. These endeavours, as well…
Interview:Aileen Clemente In what ways has the government supported travel and tourism operators during the pandemic? AILEEN CLEMENTE: The Department of Tourism (DOT) provided adequate guidance to travel and tour operators on the day-to-day situation, and on government programmes that could assist tourists and tourism enterprises affected by the Covid-19 pandemic. At the same time the DOT engaged…
Over the course of less than two decades, China has gone from being a minor player to being the world’s largest and most lucrative source of outbound tourists. In 2017 alone Chinese nationals made more than 131m trips outside of their national borders, spending approximately $300bn in the process. The growing volume and financial clout of Chinese tourists presents considerable opportunities…
Tourism in the Philippines has seen considerable growth in recent years, with over 7000 islands and an abundance of rich cultural traditions making the archipelago a regionally competitive destination. There has been a renewed focus on sustainable tourism following the closure of popular coastal destination Boracay for six months in 2018. This shone a light on other destinations and allowed…
Interview:Alan Peter Cayetano What is the economic impact of hosting the 2019 SEA Games and how will this affect the tourism and hospitality sectors in particular? ALAN PETER CAYETANO: The opportunity to host the SEA Games was made possible by a series of reforms and investments implemented by the current administration. The purpose of the SEA Games, beyond hosting a major sporting competition,…
Interview:Pocholo D Paragas How will tourism enterprise zones (TEZs) and foreign direct investment (FDI) help to further the sector’s economic development? POCHOLO D PARAGAS: A provision that extends the TIEZA tax perks available to TEZ operators for an additional 10 years was signed into law in April 2019. We expect that this measure will help to generate P222bn ($4.1bn) in capital investment…
