ANZ Research finds Philippines among laggards in Asia’s tourism revival

ANZ Research reported Philippine Tourist receipts in 2020 crashed to P82.24 billion from a record high of P482.15 billion in 2019. At the same time, foreign arrivals dropped to just 1.48 million last year, down 82.05% year-on-year.

“Until their domestic virus situations are deemed “low-risk”, the tourism sectors in India, Philippines, Indonesia, and Malaysia are likely to be the laggards, even though they have relatively higher exposure to tourists from economies that are ahead of the vaccination curve,” said ANZ. (via Phil Star)

Singapore appears to be the best-placed to lead the tourism recovery in the region. They have had few virus transmissions in recent months due to a fast vaccine rollout in the region, prompting authorities to reopen its borders to travelers from Australia, Brunei, mainland China, New Zealand, and Taiwan.

The Bangko Sentral ng Pilipinas (BSP) is hoping for tourism to gain footing in 2021. Tourist receipts are projected to grow 15% this year and 20% in 2022 from a 79.5% annual slump in 2020 income.

“A contained domestic virus outbreak is a pre-requisite for a tourism recovery,” said ANZ. (Via Phil Star) A premature reopening of tourism was targeted as a driver in the recent virus outbreak.

SOURCE: Phil Star