The Tourism Congress of the Philippines (TCP) has pushed for the revision of the incentive system to help the local tourism industry become more competitive.
“There should be a clear, transparent, and stable investment policy for the tourism industry. Taxes imposed should be beneficial to the majority and not punitive in nature. Tourism should be looked at by the government holistically,” TCP president Rosanna Tuason-Fores said in a statement issued Tuesday.
Citing data from the World Trade and Tourism Council (WTTC), Tuason-Fores said the Philippines continued to trail its neighbors in terms of tourism growth.
For 2014, the WTTC expects tourism’s contribution to the Philippines’ gross national product (GDP) to grow by 3.8 percent or P490.2 billion, slower than the projected average growth in the region of 5.2 percent.
On the investment side, the WTTC ranked the Philippines at 117th as investments are expected to grow by only 3.8 percent to P84.39 billion, again slower than the estimated average growth in the region of 6.3 percent.
“There is an urgency for both the government and the private sector to exert more effort if we are to keep up with our neighbors in the region,” Tuason-Fores said.