THE Department of Tourism (DoT) said tourism revenue is expected to rise this year, aided by the new tax refund for tourists.
“2024 was a banner year for Philippine tourism, with international spending reaching around P760 billion, a 126% recovery rate (from pre-pandemic levels). Our goal was always to exceed that, which we achieved the previous year,” Tourism Secretary Ma. Esperanza Christina G. Frasco said on Monday.
She said that the value-added tax (VAT) refund for foreign tourists and DoT’s collaboration with the Department of Trade and Industry (DTI) will encourage more visitor spending.
She added such measures will allow the country “to exceed its international visitor receipts as well as domestic tourism receipts from the year before.”
On Monday, the DTI and DoT signed a memorandum of agreement (MoA) to strengthen coordination in promoting tourism-related industries, participate in joint trade and tourism missions, develop sustainable tourism-related enterprises, and encourage the growth of micro, small and medium enterprises (MSMEs).
“Through this MoA, we will give our tourism MSMEs the platform to avail of the programs of the DTI, especially in supporting the expansion of their livelihood and businesses,” Ms. Frasco said.
“We anticipate that with this convergence between the DoT and the DTI, our tourism development programs will be further improved, especially pertaining to our Philippine Experience Program,” she added.
The MoA is expected to facilitate tourism MSMEs’ access to Small Business Corp. financing, to which the DTI has allotted P500 million.
“The loans are actually available, but the full rollout of this begins this year and will continue in the coming years,” said Ms. Frasco.
She added that the MoA also includes DTI and DoT partnerships in joining trade and tourism expositions. — Justine Irish D. Tabile