In a significant economic milestone, the Department of Tourism (DOT) of the Philippines has reported a notable net trade surplus of $2.45 billion in the tourism sector. This surplus, as announced by the DOT, has contributed to the country's overall export of goods and services exceeding $100 billion in 2023.
The DOT explained that a trade surplus indicates that spending by international travelers within the Philippines surpasses what Filipino travelers spend overseas. This surplus has played a crucial role in bolstering the country's export figures, marking a positive trend in the tourism industry's contribution to the national economy.
According to preliminary data from the Bangko Sentral ng Pilipinas (BSP) for the full year of 2023, the Philippines has surpassed the $100-billion mark in export of goods and services, with the tourism sector playing a significant role. Travel services export receipts soared to $9.1 billion, doubling the figures from 2022 and accounting for 93.2% of the travel export receipts level recorded in 2019.
The DOT highlighted that in 2023, travel services contributed an impressive 18.9% share to the country's total service exports, amounting to $48.28 billion. The growth in services exports has been attributed to the robust performance of sectors such as information technology and business process management (IT-BPM), alongside a notable turnaround in tourism revenues.
Tourism Secretary Christina Frasco expressed optimism regarding the DOT's outlook, citing the collaborative efforts of stakeholders in positioning the Philippines as a prominent tourism destination in Asia. She emphasized the importance of sustained support from both public and private sectors to achieve the goals outlined in the National Tourism Development Plan (NTDP) 2023 to 2028.
Frasco reiterated the DOT's commitment to diversifying the country's tourism offerings, enhancing accessibility to various destinations, and promoting the Philippines as a multifaceted tourist destination. The focus remains on celebrating the nation's cultural and natural heritage, while catering to diverse market segments.
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