The Philippines posted a net trade surplus of $2.45 billion from travel services in 2023, with international tourism receipts reaching $9.1 billion – more than double the 2022 figure.
The Department of Tourism (DOT) underscored this new achievement following the initial announcement of the Bangko Sentral ng Pilipinas (BSP) on record service exports last year.
Tourism Secretary Christina Frasco said the latest net trade surplus in travel services is a first for the Philippines in 15 years, contributing 18.9 percent share to the total service exports of $48.28 billion.
“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. We count on the continued support of our partners in the public and the private sectors in delivering our strategies under the approved National Tourism Development Plan [NTDP] 2023 to 2028,” she said.
Data from the DOT showed that spending by international travelers in the Philippines is greater than what Filipinos spend overseas.
The DOT counted 5.45 million international visitor arrivals in 2023, breaching its year-end target of 4.8 million.
It said that in the first two months of 2024, arrivals reached 1.23 million or 22.86 percent higher than the 999,390 arrivals recorded in the same period in 2023.
Foreign tourist arrivals comprised the bulk, with 1.16 million or 94.49 percent, while 67,686 or 5.51 percent consisted of overseas Filipinos.