The Department of Tourism announced on Tuesday that the Philippines has achieved a net trade surplus of $2.45 billion, contributing to the country’s export of goods and services exceeding $100 billion in 2023.

This trade surplus indicates that spending by international travelers in the Philippines surpasses what Filipinos spend overseas. The Bangko Sentral ng Pilipinas’ preliminary data for 2023 confirms that the country has reached the $100 billion mark in exports, with a notable net trade surplus in travel services.

Tourist receipts from travel services also saw significant growth, reaching $9.1 billion, double the amount from 2022 and accounting for 93.2% of the level recorded in 2019.

The Department of Tourism highlighted that travel services in 2023 contributed 18.9% to the country’s total service exports of $48.28 billion. This growth was attributed to the strong performance of the information technology and business process management sectors, as well as an upswing in tourism revenues.

Tourism Secretary Christina Frasco expressed optimism about the report, attributing the success to the collaborative efforts of stakeholders in positioning the Philippines as a tourism powerhouse in Asia. She emphasized the importance of continuing to work towards achieving targets for 2024 and beyond, solidifying tourism as a major economic pillar for the country.

In 2023, the Philippines welcomed a total of 5.45 million international travelers, exceeding the target of 4.8 million. The DOT looks forward to the continued support of partners in the public and private sectors to further enhance the country’s tourism offerings and attract diverse market segments.

Fabio

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