Southeast Asia’s tourism sector is rebounding from the Covid-19 pandemic, but the Philippines is lagging behind, according to a Bank of America (BofA) report released on July 29.
While countries like Vietnam and Malaysia are experiencing strong recovery, with Vietnam reaching 105-110% of 2019 tourist levels, the Philippines is still under 70%.
The slow recovery in the Philippines is attributed to a significant decline in Chinese tourists and the recent ban on Philippine Offshore Gaming Operators (POGOs), which had previously drawn Chinese gamblers.
Thailand, Indonesia, and Singapore are also seeing recovery, though not as robust as Vietnam.
The Philippines faces a unique challenge with outbound tourist seats dropping by 9 percentage points to 46%, partly due to the POGO ban, which is expected to end by 2024 despite its minimal economic impact.
Source: PhilNews24 | July 31, 2024
