The paradise island of Boracay earned a record-high PhP9.182 billion in revenues from the arrivals of nearly half a million foreign and local tourists in 2005, according to the Department of Tourism (DOT).
Tourism industry in the Philippines has entered a Renaissance period in the past four years, in the words of Tourism Secretary Ace Durano. But the question is, has this period of growth in tourist arrivals, hotel investments and tourism receipts abruptly come to an end amid the global economic downturn?
International movement of tourists across countries slowed in the second half of 2008, as the global financial markets deteriorated, according to the World Tourism Organization, an agency under the United Nations.
"Tourism demand slowed significantly through the year under the influence of an extremely volatile world economy (financial crisis, commodity and oil price rises, sharp exchange rate fluctuations), undermining both consumer and business confidence and resulting in the current global economic recession," the World Tourism Organization says.
Local airlines invested a total of PhP15.9 billion in 2009. “The airline sector responded to the growth in the tourism sector as Cebu Pacific, Zest Airways and SeaAir have poured investments to acquire new aircraft to cope with the demand for increased air travel,”
the Department of Tourism (DOT) said.
Manila will host the Pacific Asia Travel Association (PATA) Travel Mart 2012. The Philippines has successfully won the bid over other strong contenders. The event is scheduled to take place at the SMX Convention Centre in Pasay City.
The Department of Tourism announced that the government granted a 30-day visa-free status for travellers coming from 166 countries in a bid to boost tourism. Tourism Secretary Ramon Jimenez said foreign retirees who choose to stay in the Philippines will “automatically get a six-month visa.”
By yearend, senior citizens from other countries will likely get “rights to senior discounts,” he said. “We are now working with the Bureau of Internal Revenue and the Department of Finance on the mechanics of such a move.”
SM Prime Holdings Inc.’s hotel unit is spending PhP2.5 billion to double the number of hotels under its portfolio to 10 by 2018 to tap the vast potential of tourism in the country. ...
Property developer Ayala Land Inc. has exited its plan to acquire Puerto Azul seaside estate in Cavite from Boulevard Holdings Inc. (BHI), a resort developer led by businessman Jose Panlilio. BHI said it received letters from Ayala Land cancelling with finality its request for reconsideration regarding the planned ALI-BHI Puerto Azul memorandum of agreement dated 13th March 2014.
Forbes magazine has named the Philippines among the 20 best foreign retirement havens in 2015. "For U.S. retirees, the principal appeal of the Philippines is a low cost of living in a tropical environment...
Cebu Air Inc., operator of budget airline Cebu Pacific, has filed an application for a permit to launch flights to Israel. The airline unit of the Gokongwei group asked the Civil Aeronautics Board (CAB)...