Tag: China Banking Corp.

Can the DOT achieve its 2024 target of 7.7 million international visitor arrivals?

Can the DOT achieve its 2024 target of 7.7 million international visitor arrivals?

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Recently the Department of Tourism (DOT) confirmed that as of November 1, 2024, it has recorded 4.8 million international visitor arrivals, according to a Philippine News Agency (PNA) news article. That is around three million short of its 2024 target of 7.7 million.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

International visitor arrivals to the Philippines reached more than 4.8 million, the Department of Tourism (DOT) said on Friday.

In a statement announcing its attendance at the 2024 World Travel Market (WTM) in London, the DOT said the event would serve as an opportunity to invite more tourists from the European market, especially as it makes up a huge percentage of the foreign visitors to the country.

“The United Kingdom leads as the top European source of visitors, ranking as the Philippines’ ninth-largest source market, with 128,660 arrivals recorded from Jan. 1 to Oct. 31,” it said.

“As the UK outbound travel market rebounds, it presents a valuable opportunity for the Philippines.”

As of Nov. 1, the number of international visitors to the Philippines has reached 4,879,022, less than 3 million away from the DOT’s yearend target of 7.7 million arrivals.

With UK tourists increasingly seeking destinations that offer value for money and experience, the DOT is confident the Philippines’ “diverse landscapes, rich history, and immersive travel experiences” align well with the market’s preferences.

By doing the math, 4,879,022 international tourist arrivals covering the period of January 1 to November 1 (306 days) is equivalent to 15,944.516 per day. Multiply that current average by 366 days for 2024 (a leap year), the total would be 5,835,693 international tourist arrivals which is clearly short of the target.

Of course, it is expected that more visitors from overseas will increase sharply this December as many Filipinos based abroad will be coming home for Christmas and New Year celebrations with families. It remains to be seen how the DOT and its strategic partners will accommodate the anticipated high influx of visitors from overseas. It is recalled that the Rizal Commercial Banking Corp. (RCBC) and China Banking Corp. found the nation’s Philippine tourism recovery still lacking.

Let me end this piece by asking you readers: What is your reaction to this latest development? Do you think the DOT can still hit its 2024 target of 7.7 million international visitor arrivals by the end of December? Do you think news about crime connected with Philippine Offshore Gaming Operators (POGOs) are discouraging foreigners from visiting the Philippines? Do you wish to see the DOT get more involved with special events such as food festivals, entertainment conventions, film festivals, international sports events, car shows and the like?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project, special event or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

Local analysts say Philippine tourism’s recovery is still lacking

Local analysts say Philippine tourism’s recovery is still lacking

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As far as the chief economists of the Rizal Commercial Banking Corp. (RCBC) and China Banking Corp. are concerned, the recovery of Philippine tourism is still lacking and a lot more needs to be done which includes relying on tourists from China, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…

THE RECOVERY of the tourism market lags the rest of the region due to infrastructure constraints and the slow rebound of visitor arrivals from China, analysts said.

Michael L. Ricafort, chief economist of Rizal Commercial Banking Corp., said the Philippines’ tourism performance was lagging even before the pandemic.

“There has been a lot of catching up since the pandemic and also even before the pandemic with other ASEAN or Asian neighboring countries,” Mr. Ricafort said in a Viber message.

“This is largely due to infrastructure constraints that limit the capacity of airports and accommodation and MICE (meetings, incentives, conferences, & exhibitions) facilities to cater to a much larger number of foreign tourists,” he added.

In 2023, the Philippines logged 5.4 million international visitors which is only 65% of the 8.24 million foreign arrivals seen in 2019, but at par with the 65% average within Asia and the Pacific.

Mr. Ricafort said upgrades are needed to airports, particularly the Ninoy Aquino International Airport (NAIA), which will share future traffic to and from the capital with the Bulacan and Sangley airports.

“There is a need as well as for integrated tour packages that will be cheaper and more convenient to attract more foreign tourists,” he said.

“There is also a need for more mass transport systems such as railways that are integrated into major airports to make it more convenient for local and foreign tourists to travel,” he added.

China Banking Corp. Chief Economist Domini S. Velasquez said slow growth can be attributed to geographical constraints and absence of Chinese tourists.

“The Philippines lags behind its other ASEAN neighbors in terms of tourist arrivals, which can be attributed partly to geographical constraints, as the country cannot be accessed by land,” Ms. Velasquez said in a Viber message.

“However, another factor contributing to the below-target numbers, especially during the pandemic, is the absence of Chinese tourists,” she added.

Before the pandemic, China was the country’s second top source of international arrivals after South Korea. However, China only ranked fifth last year.

South Korea remained the top source of international visitors accounting for 26.41%, followed by the US (16.57%), Japan (5.61%), Australia (4.89%), and China (4.84 %).

“The sluggish growth and high unemployment in China have hindered the phenomenon known as “revenge travel,” wherein Chinese tourists typically exhibit strong travel demand. As a result, the expected influx of Chinese tourists has been limited,” Ms. Velasquez said.

Mr. Ricafort said the Philippines has strong potential in further growing the tourism economy with much room to improve in many elements of the product offering.

“The tourism business is low-hanging fruit that can generate more business, employment, and other economic activities as a major source of growth or a bright spot for the economy,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you agree with the analysts’ findings as to why Philippine tourism is still lacking and what should be done to improve it? Do you think the Department of Tourism (DOT) should focus more on attracting tourists from other nations instead of depending so much on China? What do you think are the five biggest problems of Philippine tourism right now? Do you think the DOT should be more active in promoting local film festivals, fashion shows, sports events and food tours to foreigners?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at  @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco