Bank of the Philippine Islands and the Department of Tourism have teamed up to pursue a four-pronged initiative that will involve the use of banking infrastructure to support the tourism industry.
BPI president Aurelio Montinola III on Thursday said in a briefing that, through the “Banking on Tourism” program, the tourism department could expand its presence and accessibility by tapping the bank’s 800 branches here and abroad, allowing potential visitors to obtain information on the country, as well as provide them currency exchange service.
Also, the banking unit of the Ayala group will design affordable financing options for qualified tourism enterprises so that they can expand or upgrade their offerings in line with DOT’s accreditation standards.
“We have always believed that private enterprise plays a key role in the Philippines’ development. Today, we are happy to once again assist in the realization of the government’s vision to spur tourism as a key anchor for economic development,” Montinola said.
According to Tourism Secretary Ramon Jimenez, “BPI and DOT are determined to make travel experience in the Philippines not only fun, but truly seamless.”
Jimenez noted that the 7.1-percent gross domestic product growth posted by the Philippines in the third quarter was the most significant rise relative to the rest of Southeast Asia in a long time.
“Finally, the Philippines is on a renaissance, a rebirth is at hand,” Jimenez said.
Under the “Banking on Tourism” program, BPI hopes to deploy more automated teller machines and point of sale terminals so that tourists may transact and access funds in DOT priority areas.