Tourism investments in the Philippines hit P509 billion in 2023

FILE PHOTO: A fishing boat cruises along a marine protected area in Halian Island, one of the new attractions that tourists may visit in Del Carmen town on Siargao Island, Surigao del Norte province. Tourism investments in the Philippines totaled P509 billion in 2023, according to Department of Tourism (DOT) Secretary Christina Frasco. ERWIN M.MASCARIÑAS

MANILA, Philippines — Tourism investments in the Philippines totaled P509 billion in 2023, the Department of Tourism (DOT) said.

Tourism Secretary Christina Frasco said this amount was 34 percent higher than tourism investments obtained in 2022.

She also explained that the biggest contributor to last year’s tourism ventures was the accommodation sector, covering 51 percent of the total.

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“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,” Frasco said during the 2024 Philippine Tourism and Hotel Investment Summit on June 21, as quoted in a DOT statement released Saturday.

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The Philippine Tourism and Hotel Investment Summit gathered tourism leaders and investors worldwide.

“Through this summit…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,” Frasco also said.