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TIEZA Philippine Tourism Investment Summit 2023: Uniting Public and Private Sectors to Fuel Tourism Growth
Taguig City, Philippines – The Department of Tourism (DOT) through the Tourism Infrastructure and Enterprise Zone Authority (TIEZA) in partnership with the Management Association of the Philippines (MAP) hosted the first Philippine Tourism Investment Summit at the Shangri-La Hotel in BGC on October 11, 2023.
With a comprehensive vision, the Philippine Tourism Investment Summit 2023 was orchestrated to bring together key public and private stakeholders in the tourism industry. This collaborative effort aims to amplify the awareness on the immense investment opportunities within TIEZA assets and Tourism Enterprise Zones (TEZs), and encourage potential investors to explore and engage with the Philippine government under the Marcos Administration.
DOT Secretary Christina Garcia Frasco, the keynote speaker at the event, noted that the summit served as a platform where both public and private sectors come together to forge essential partnerships that will enhance the nation’s tourism infrastructure.
“The purpose of this Philippine Tourism Investment Summit is to interlink and align the vision of both the public and private stakeholders spotlighting opportunities within TIEZA assets and Tourism Enterprise Zones all over the Philippines. This is your invitation to shape the future together with the Philippine government by way of joint venture and other modalities,” said Secretary Frasco.
A pivotal aspect of the summit was the presentation of ways for the private sector to engage with the TIEZA, which include: partnering with the agency in the redevelopment of its assets; funneling the private sector’s capital and expertise in the Flagship TEZs; and by registering their tourism-related businesses with TIEZA for the availment of fiscal and non-fiscal incentives.
During the summit, the DOT chief presented the general overview of the tourism industry, noting that travel and tourism comprise 7.6% of the Global Gross Domestic Product (GDP) in 2022 valued at US$ 7.7T, employing some 295 million people worldwide which is equivalent to 9% of the global employment population. This figure is projected to expand to a US$ 15.5T industry by 2033 employing some 430 million globally.
In the Philippines, tourism has earned an estimated PHP 1.87T for the country’s economy and generated 5.35 million jobs in 2022. With a 6.2% share in the country’s GDP for the previous year, the tourism industry had a recovery rate of 67.18% compared to the 2019 numbers.
“President Ferdinand ‘Bongbong’ Marcos, Jr. emphasized that tourism is a priority. To quote our President, this prioritization goes deeper than the mere provision of economic opportunities and job generation it stems from the deep love that you, me, and all of us have for the Philippines, indeed this is not merely about economic rejuvenation but also an expression of our sheer love for our nation,” Secretary Frasco said in her speech.
Meanwhile, TIEZA Chief Operating OFFICER (COO) Mark Lapid in his opening remarks, emphasized the significance of the summit as it showcases the investment opportunities in TIEZA Assets and TEZs, which propels the tourism industry to greater heights.
“Aligned with the 2023-2028 National Tourism Development Plan, TIEZA is continuously exerting efforts to make the Philippines not only a prime tourist destination anchored on the Filipino identity but also a prime tourism investment destination within the framework of sustainable development”, enthused COO Lapid.
For her part, Atty. Benedicta Du-Baladad, Management Association of the Philippines (MAP) President said, “It is so much into objectives that MAP decided to undertake to be part of this investment forum series to complement the efforts to bring in foreign direct investments, and is an initiative to poster a thriving investment ecosystem by hoisting the value chain support sectors aligned with the government’s priority areas. And through these efforts, we are also able to seamlessly integrate our MSMEs into the expansive ecosystem of international investors and moving industries.”
The MAP, which co-sponsored the event, added a crucial private sector perspective on tourism investment, as their involvement exemplifies the commitment of the private sector to work hand in hand with the government in realizing the full potential of the tourism sector.
Towards the end of her message, Secretary Frasco said, “Love the Philippines goes beyond a mere slogan, it is a heartfelt invitation to everyone, to every prospective investor here today, consider this: The Philippines isn’t simply offering an investment opportunity— it’s extending an invitation to be part of a legacy. A legacy marked by growth, sustainable development, and mutual success.”
Speakers of the event include distinguished private sector leaders such as Chair and President of Enchanted Kingdom Cesar Mario Mamon, President & CEO of Air Asia Philippines Ricardo Isla, Cebu Pacific Chief Strategy Officer Alex Reyes, and Philippine Airlines (PAL) President & CEO Captain Stanley Kua Ng.
Published:October 12, 2023