Bouncing back from the brunt of the pandemic, the Philippines welcomes the upward trajectory it experiences as the fastest-growing economy in Southeast Asia.

Brandishing the GDP growth of 5.6% last year and bullish outlook of 6.2% projected growth in 2024, these indications Spearheaded by the Philippine Hotel Owners Association, Inc. (PHOA), the 1st Philippine Tourism and Hotel Investment Summit hosted an event discussing trends, opportunities, challenges, and strategies for 2024 in both sectors. 

In cooperation with Tourism Infrastructure and Enterprise Zone Authority (TIEZA), the event was held at the New World Hotel Makati which gathered various experts, industry leaders, and investors from government, private, and other stakeholders last June 21. 

According to UN Tourism, the country holds a strong position as a premier destination of tourism investments with its positive economic growth and stability, growing investment destination, government initiatives and incentives, and attracting significant foreign direct investment in the tourism sector. 

Moreover, the presentation of Peter Janech, Coordinator of Innovation, Education, and Investments of United Nations Tourism — Insights into the Global & Regional Tourism Investments — believes that the Philippines has its competitive advantage in safety, price competitiveness, and environmental sustainability on the Travel and Tourism Development Index – Asia and the Pacific (World Economic Forum 2024), respectively. 

The Philippines’ commitment to developments in sustainable tourism development, hotel, and hospitality infrastructure, and post-pandemic strategies for the hospitality sector are some of the efforts that make the country a ‘leading and resilient destination’ for international tourists and investors. According to the UN Tourism data, there were 5 million international tourist arrivals to the Philippines in 2023. The country also met a completion of 3,900 new hotel rooms in 2023, a record-high for the industry. 

Meanwhile, the Department of Tourism shared that ₱509 billion in total tourism investment in 2023, with a growth rate of 11.7% to the entire Philippine economy from the previous year.

To make the Philippines a tourism powerhouse in Asia, a national tourism development plan 2023-2028 was established with the following objectives: a) improve tourism infrastructure and accessibility; b) cohesive and comprehensive digitalization and connectivity; c) enhancement of overall tourist experience; d) equalization of tourism product development and promotion; e) diversification of portfolio through multidimensional tourism; f) maximization of domestic and international tourism; and g) strengthening tourism governance through close collaborations with national and local stakeholders. 

Aside from revitalizing tourist arrivals to make the country a tourism investment destination, the hotel industry is expected to fully recover by 2025, as stated in the forecast of real estate brokerage company, Leechiu Property Consultants, Inc. (LPC) with PHOA.

It is interesting to note that based on the information provided by the Philippine Investment Outlook Survey (PIOS) report from March to April 2024, there is a robust responders’ confidence of 89% for a positive outlook in the hospitality industry over the medium term. The report also revealed that the Highest Investment Interest in the following locations in the Philippines: Bohol, Metro Manila, Cebu City, Siargao, and El Nido. For the investors, their top three (3) key priorities in post-pandemic financial strategy are cash flow management, stakeholder relationships, and sustainability. 

In conclusion, the report emphasized the crucial collaboration between the government and the private sector to sustain the momentum of mutually beneficial relationships and ensure success in the industry’s ever-changing demands.

This comes after TIEZA’s Chief Operating Officer, Mark Lapid signed the  Memorandum of Agreement (MOA) with MyEG PH Chief Executive Officer, Ann  Margaret Saldaña last June 8, 2022, at the Midas Tent in Midas Hotel and Casino,  Pasay City.

With the OTTSS, TIEZA provides citizens a faster, more convenient, and hassle free way to pay their travel taxes online using different payment options from  MyEG’s partner E-Wallets such as GCash, Maya (formerly known as PayMaya),  

GrabPay, and ShopeePay; Online Bank Transfers from BDO, BPI, RCBC,  Unionbank, and Maybank; or thru their VISA, Mastercard, and JCB credit and  debit cards. Cash payment options are also still available thru any branch of 7- Eleven, Cebuana Lhuillier, Palawan Express, Bayad Center, SM Malls, Robinsons  Department Store, Tambunting Pawnshop, RD Pawnshop, USSC, Posible, DA5,  and many others. 

The process of paying the travel tax online is also quick and easy, with just  almost a minute to complete. Citizens just simply need to visit TIEZA’s website  at https://tieza.gov.ph, click Travel Tax on the navigation menu, and choose  Pay Travel Tax Online. On the page, they just need to click the MYEG icon, fill-up  the form, select their preferred payment option, and pay.  

In addition to the OTTSS, citizens will also soon be able to pay for their travel tax via MyEG’s website at www.myeg.ph. This saves the time that travelers  consume queuing in airports before boarding their flights. 

“We’ve seen a tremendous increase in inbound travel, which is a good sign for  the country’s tourism. Now that the Philippines and other countries have more  relaxed Covid-19 restrictions, we expect a spike in our number of outbound  travels, especially to countries such as South Korea, wherein Filipino tourists are 

allowed visa-free entries to Gangwon Province and the Seoul Metropolitan Area.  We hope the citizens will utilize the OTTSS, so we can somehow decongest the  terminals and lessen the transactions and counters that citizens need to deal with before boarding their flight,” says TIEZA’s Chief Operating Officer Mr. Mark  Lapid. 

“MYEG s mission has always been to work hand-in-hand with government  institutions, from automating their processes, platforms and systems up to activating our more than 90,000 payment channels nationwide. We are honored  to partner with TIEZA’s Online Travel Tax Services System in integrating and  activating our payment services, thus providing a more hassle-free and  convenient way for citizens to pay for their travel taxes online,” says MYEG PH’s  Chief Executive Officer Ms. Ann Margaret Saldaña. 

The Tourism Infrastructure and Enterprise Zone Authority (TIEZA), formerly the  Philippine Tourism Authority, is a Philippine agency under the Department of  Tourism responsible for implementing policies and programs of the department  on the development, promotion, and supervision of tourism projects in the  Philippines. 

TIEZA acts as the Department of Tourism’s implementing arm in providing  support infrastructures and facilitating investments in tourism enterprise zones  (TEZ) nationwide and relies in its 50% share from the gross collection of the travel  tax as its primary source of funding to carry out its mandate.

 ^{MYEG PHILIPPINES} 11^TH Floor Unit 11-B, Chatham House Condominium, 116 Valero corner V.A. Rufino Streets Salcedo Village, Makati City, Philippines www.myeg.ph I inquiry@myeg.ph I +63 (2) 8 395 4036 

PRESS RELEASE  

As a market leader and pioneer in electronic government service and a leading  e-payment processing provider in the Philippines, MYEG Philippines has  leveraged its strengths and expertise with its partnership with government  institutions in providing world-class e-government services accompanied by its  wide payment channels nationwide. 

About MyEG  

MyEG PHILIPPINES, INC. (MyEG PH), a market leader in electronic solutions championing government  services online automation, has been providing eGovernment services in both Malaysia and the Philippines  for more than 20 years through its technology platform encompassing internet, automation, big data and  electronic payments. 

IPAY MyEG PH is in a JV Partnership with MyEG SERVICES BHD (MyEG KL). MyEG KL is a publicly-listed  company in the Kuala Lumpur Stock Exchange (KLSE), and is the pioneer in eGovernment services in  Malaysia. 

Since inception in the year 2000, MyEG KL has successfully implemented and rolled out online services  from key Government Agencies in Malaysia that interacts directly with the citizens and businesses among  which is the Kuala Lumpur City Government. 

MyEG PH partners include the National Bureau of Investigation (NBI), Land Bank of the Philippines,  Development Bank of the Philippines, PhilHealth, PEZA, BIR, DOH-MMCHDs, SBMA, and different Local  Government Units in the country.  

It currently provides e-payment and e-government services for major government agencies in the  Philippines and handles over 50,000 daily transactions servicing Filipinos all across the country. It also has  more than 90,000 payment channels and points of sale location across the Philippines  

For more information about MyEG, you may send your inquiries to Ester Rebecca Del Fierro  (ester.delfierro@myeg.ph).

 ^{MYEG PHILIPPINES} 11^TH Floor Unit 11-B, Chatham House Condominium, 116 Valero corner V.A. Rufino Streets Salcedo Village, Makati City, Philippines www.myeg.ph I inquiry@myeg.ph I +63 (2) 8 395 4036