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Tourism investments in the Philippines hit USD8.64 billion in 2023

ANN/THE PHILIPPINE DAILY INQUIRER – Tourism investments in the Philippines reached USD 8.64 billion in 2023, according to the Department of Tourism (DOT).

Tourism Secretary Christina Frasco noted that this figure represents a 34-per-cent increase over the tourism investments secured in 2022.

She highlighted that the accommodation sector was the largest contributor to last year’s tourism ventures, accounting for 51 per cent of the total investments.

“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 on Saturday.

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

Halian Island in Surigao del Norte province, the Philippines. PHOTO: THE STAR