DOT reports travel services surplus 

The Department of Tourism (DoT) welcome on Tuesday another milestone for the Philippine tourism industry in 2023, as the country achieved a net trade surplus in travel services for the first time in 15 years, according to a report by Manila Times.

This, as the Bangko Sentral ng Pilipinas (BSP) disclosed that the Philippines attained a record $100-billion in exports for goods and services in 2023. For its part, the Department of Trade and Industry said that exports of products and services reached $103.6 billion last year.

Tourism Secretary Christina Garcia Frasco welcomed this milestone and attributed it to the collaborative efforts of industry stakeholders to establish the Philippines as an Asian tourism powerhouse.

"As we continue to work towards achieving our targets for 2024 and the years to come, we endeavor to cement tourism's position as a major economic pillar for the country," she said.

"We count on the continued support of our partners in the public and private sectors in delivering our strategies under the approved National Tourism Development Plan (NTDP) 2023-2028," Frasco added.

The Philippines logged a net trade surplus of $2.45 billion in travel services, while travel service export receipts reached $9.1 billion, more than double the amount in 2022.

A trade surplus indicates that international tourists spent more in the Philippines than what Filipinos spent abroad.

The BSP data also found that in 2023, travel services accounted for 18.9 percent of the country's total service exports of $48.28 billion.

The central bank attributed this to "strong performance of the information technology and business process management (IT-BPM) sectors and a turnaround in tourism revenues."

Also, the DoT implemented a multifaceted approach to sustainable tourism development, with connectivity, convenience and equality at the center of its objectives.