The Philippines and South Korea will expand tourism ties after signing the implementation program of the “Memorandum of Understanding on Tourism Cooperation for 2024-2029.”
The Philippines Department of Tourism and South Korea’s Ministry of Culture, Sports, and Tourism signed the document on Monday during South Korean President Yoon Suk-yeol’s visit to the Philippines, according to a press release.
The implementation program “continues and expands bilateral tourism cooperation between the two countries” under an agreement first signed in 2006.
Philippine Secretary of Tourism Christina Frasco said the Department of Tourism welcomes the program, which will enhance the long-standing tourism and people-to-people exchanges between the two nations.
“We expect this to increase demand for more Philippine destinations and tourism products from our number one source market, South Korea, and provide more opportunities for the economic advancement of our people as tourism numbers grow,” she added.
The Philippines received over 4.08 million foreign tourists in the first nine months of 2024, a 10.4 percent increase compared to the same period last year, according to official data.
South Korea remains the top source market, with nearly 1.20 million arrivals from January to September, making up nearly 27 percent of the total, up 12.1 percent year-on-year.
The Philippines is one of the few jurisdictions in Asia with an extensive casino industry, accessible to both locals and foreigners.
Investment analysts report that South Korean players led the VIP segment at the country’s casinos this year.
Under the renewed bilateral agreement, both countries will strengthen mutual development and competency in areas such as hotels, resorts, cruises, ports, and tourism products. They will also increase joint promotion and marketing efforts to boost tourist traffic between the two nations.
