The Philippines Department of Tourism announced on Tuesday its ambitious target of attracting 7.7 million foreign visitors in the upcoming year, surpassing the 2023 arrival goals. This objective represents a substantial increase of approximately 52% compared to the just under 5.07 million international visitors received since January.
Secretary of Tourism Christina Frasco conveyed this information during comments in Makati City, Metro Manila. In her statement regarding the 2024 target, Frasco acknowledged that although the goal falls short of the pre-pandemic numbers of 2019 (over 8.2 million international arrivals), the department is committed to making concerted efforts and collaborating with other government agencies to achieve this target.
The Philippines distinguishes itself in Asia with an extensive casino industry catering to both locals and foreigners. Analysts note that the Philippine casino sector experienced growth in 2023, benefiting not only from domestic demand but also from the return of overseas visitors.
However, Maybank Investment Bank Bhd highlighted in a Tuesday memo that the Philippine tourism industry’s 2023 performance was “below expectations” due to a “lower-than-expected” volume of tourists from China. Historically, China has been a significant target market for the country’s casinos.
The tourism department’s latest update for 2023 reveals that South Korea topped the list as the Philippines’ primary source market for tourists, contributing just over 1.34 million arrivals. Following South Korea were the United States (836,694), Japan (285,655), China (252,171), and Australia (238,487).
Maybank’s research note mentioned that in 2019, the Philippines recorded 1.74 million arrivals from China. The decline in Chinese tourists is attributed to China’s ongoing campaign against mainland residents participating in “overseas gambling” in foreign casinos and engaging in online gambling.
This presents a good opportunity for the Philippines to recover and attract more customers and increase revenues in its online gaming and land based casino industry.