Tourism receipts might suffer record contraction in 2020, by more than 50 percent—BSP says

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The Bangko Sentral ng Pilipinas (BSP) reported on Thursday that tourism receipts are expected to contract by more than 50 percent this year due to restrictions on travel brought about by the coronavirus pandemic, a record high this year.

In a statement, BSP Governor Benjamin Diokno said tourism receipts are expected to contract by 56.9 percent this year, which could be the worst drop since the government started data collection on tourism receipts.

“I guess (this is the worst) since we’ve been collecting data on tourism receipts because of the once-in-a-lifetime pandemic,” Diokno said.

Prior to the coronavirus pandemic, the BSP in November 2019 expected tourism receipts to grow by 12.0 percent this year.

Metro Manila, along with several high-risk areas, was under the enhanced community quarantine (ECQ) from March 17 to May 15, followed by a modified enhanced community quarantine (MECQ) until May 31.

Even with the easing of restrictions under the general community quarantine (GCQ) currently in place, leisure activities are still not allowed.

“In any event, tourism receipts in the Philippines pales in comparison with other countries that are heavily dependent on tourism receipts, such as Thailand, Hong Kong, and some European countries,” said Diokno.

For 2021, the BSP said tourism receipts are likely to grow by 15.0 percent./Stacy Ang

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