OFWs, expats boost RP tourism - economist

Foreign visitor arrivals in the Philippines may not be as high compared to Thailand, Singapore and Hong Kong, but tourism would continue to boost Cebu economy because of overseas Filipino workers (OFWs), an economist said Friday.

“As long as we have a huge number of Filipinos working or residing abroad, our tourism would continue to grow," said economist Antonio Agcaoili Jr. in a report on Sun Star Cebu.

“OFWs are going to sustain the tourism industry of the country," Agcaoili said in an economic briefing conducted in Cebu by commercial bank Asia United Bank (AUB).

Agcaoili, senior vice president for the treasury group of AUB, said that tourism in the Philippines is not only dependent on foreign travelers but also on OFWs and expatriates.

He said, however, that shortage in hotel and resort rooms as well as the lack of accommodation facilities that conform to international standards is a problem as these are the basic things global travelers look for.

The lack of appropriate tourism infrastructure has become a hindrance for the Philippines to maximize tourist arrivals, he said.

The Philippines already lost about $400 million in tourism revenue opportunities because of room shortage, he added.

Cebu, which Agcaoili describes as the tourism gateway of the Philippines, has to continue building more hotel rooms since there would still be a shortage in accommodation facilities due to the big balikbayan (overseas-based Filipinos who come back to the country for vacation or to visit their families) market.

According to him, the expected surplus in business hotel accommodation in the next three years will not be enough.

To become globally competitive in the global tourism market, the country must address accommodation problems, and that stakeholders must “religiously" invest in international promotions, he said. - GMANews.TV

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