With the Philippines known as a popular travel destination, the Department of Tourism moved to uplift tourism-related ventures which are seen to contribute to engaging foreign investors.
Tourism Undersecretary for Tourism Regulation, Coordination and Resource Generation (TRCRG) Alma Rita Jimenez said that the growth of the travel and tourism industry, as well as the increasing number of arrivals, will appeal to international investors to conduct businesses in the country.
This was brought forth in the first Invest Tourism Philippines forum held last week to empower and share insights from local investors to micro, small, and medium enterprises (MSMEs) as new technological advances thrive in the industry.
The innovations, which are opportunities for MSMEs particularly in travel accommodation, were also discussed in the event. These include Airbnbs, inns, homestays, and boutique hotels.
Funds can be invested in the Philippines “for a long term” as it will produce “steady and stable returns”, Jimenez encouraged investors.
Still, while the department is targeting internationally, she said that there are many opportunities for local investors as there is a necessity to attend to smaller accommodation requirements, according to a Philstar report.
Dr. Aekapol Chongvilaivan of the Asian Development Bank also said in the forum that tourism should serve as a major economic engine, stressing fiscal management, infrastructure development, and unemployment.
The economist, who presented the country’s current financial status, also named the Philippines as a “rising star in Asia” because of the investment-powered economy’s swift progress.
Business processes, programs, and certain issues in the MSME community were also discussed in the panel.