News Release

PBBM bullish on PH tourism industry

President Ferdinand R. Marcos Jr. is bullish on the country’s tourism industry following its significant contribution of PhP2.09 trillion to the national economy and the increased number of tourist arrivals in 2023.

The share of Tourism Direct Gross Value Added (TDGVA) to the Philippines in 2023 amounted to 8.6 percent of the country’s Gross Domestic Product (GDP), or PhP2.09 trillion, or roughly US$35 billion, the President reported on Friday.

The President noted the 2023 TDGVA recorded an impressive increase of 48 percent last year when compared to the PhP1.41 trillion TDGVA recorded in 2022. It was the highest growth in gross value added in tourism since 2000.

The chief executive also noted an increase in tourist arrivals in 2023.

“In 2023, we welcomed 5.45 million international tourists into the country, exceeding our target of 4.8 million for the year,” President Marcos said.

He added the international tourist arrivals in the Philippines reached 2.9 million from January to March 2024 alone, which highlights the robust recovery and continued appeal of the country as a top travel destination.

In his speech during the opening ceremony of the 36th joint meeting of the UN Tourism Commission for East Asia and the Pacific, and the UN Tourism Commission for South Asia, President Marcos acknowledged the vital role of the tourism industry in the country’s economy.

“But going beyond monetary values and numbers, these figures also mean millions of lives being changed for the better. And that’s why I hope that our efforts here will lead to even better practices (and) more tourism arrivals not just for our country but for the entire world,” President Marcos said. PND