In hopes of making tourism a substantial source of foreign exchange, along with remittances and business process outsourcing (BPO) investments, the Philippine government is eyeing to attract 10 million foreign visitors per year.
Finance Secretary and Bangko Sentral ng Pilipinas Chairman Cesar Purisima said the Aquino admin is seeking to intensify the local reserves of foreign exchange from the $80 billion posted by tourism-related activities last year. Moreover, the current administration wishes that by 2016, which incidentally is the end of the presidentís term, tourist arrivals should reach 10 million.
2012 witnessed the highest number of tourist arrivals at 4.27 million. Even if itís nine percent higher than 2011ís 3.92 million arrivals, it fell short of what the government had previously projected. Earnings from the tourism sector increased 17 percent year-on-year to $3.7 billion. But it is almost nothing compared to the investments in the BPO sector and remittances.