The Philippines’ tourist sector had a historic resurgence in 2023, with the Department of Tourism (DOT) reporting its first travel surplus in 15 years.
The DOT declared in a statement on April 2 that this was a "first" and that it sets an "optimistic tone" for the nation's continuously improving tourist sector.
Exceeding marks
The Bangko Sentral ng Pilipinas (BSP) preliminary full-year statistics show that the Philippines has surpassed the USD 100 billion export threshold for goods and services.
Travel service revenue in 2023 soared to $9.1 billion, surpassing 93% of pre-pandemic levels, while about $6.6 billion was spent by Filipinos on tourism abroad.
Outspending Filipinos on international travel, foreign visitors contributed to a $2.45 billion net trade surplus.
According to the BSP balance of payments, the Philippines last had a travel surplus of USD1.93 billion in 2007.
Optimism in PH tourism
“We welcome the latest numbers from the BSP report which sets an optimistic tone not just for the DOT, but to all our tourism stakeholders, and tourism leaders and shakers, even those who came before me, who have all worked tirelessly and shown nothing but resilience in the past difficult years,” Tourism Secretary Christina Frasco said.
For Frasco, the tourism marks attest to the country's current standing in that sector.
“This is a testament to the tireless efforts and resilience of our tourism stakeholders,” said Frasco.
In 2023, the Philippines received 5.45 million foreign visitors, exceeding its target of 4.8 million by the end of the year.
According to Frasco, the DOT will keep stepping up its marketing initiatives and provide more distinctive travel options for both its home and international markets.
“We’re committed to solidifying tourism as a key economic pillar for the nation,” she said.
