Published on : Tuesday, January 10, 2017
Tourism has experienced sustainable growth and wonderful diversification to grow into one of the fastest-growing economic sectors of the world over the decades. Modern tourism is closely linked with development embracing growing number of new destinations. It’s a key driver of economic progress and presents main income source for many developing countries. The Philippines recognizes the potential of tourism as important contributor to the growth of economy.
According to the Philippine Statistics Authority, the contribution of the tourism industry to the domestic economy has risen steadily in the past five years. The expected increase in international visitor arrivals and domestic travel movement is expected to bring corresponding increase in capacity requirements and demand for new products, facilities and services and initiate local and foreign investment opportunities.
Regarded as one of the fastest-growing industries of the world, tourism is a strong contributor and driver of sustainable development and poverty alleviation in developing countries. The strong will and initiatives by the Philippines government will continue to make this a reality and will foster a positive change for the country’s tourism in the coming days.
Tags: Tourism is a key player