Representatives of Philippines and South Korea signed the “Memorandum of Understanding on Tourism Cooperation for 2024-2029”. The agreement, signed by the Philippines Department of Tourism and Sport and South Korea’s Ministry of Culture, Sports and Tourism, coincide with the visit of the South Korea’s President, Yoon Suk-yeol in Philippines.
Strengthen and Building on long-standing relations
The first programme was signed in 2006 and apparently went well, so it’s only natural to extent the cooperation between South Korea and Philippines. Cristina Frasco, Secretary of Tourism of the Philippines said: “The Department of Tourism welcomes the signing of the implementation programme on tourism cooperation which will further enhance the long-standing relations between our two nations in tourism and people-to-people exchanges.”
Tourism Statistics
4.08 million foreign tourists visited Philippines in the first 9 months of 2024, that means an increase of 10.4% from 2023 same period, according to the official data.
South Korea remains the country that sends the most tourists to Philippines with 27% percent of the total visitors, which means nearly 1.20 million people in the January – September 2024.
What’s this has to do with Casino industry?
The Philippines is on of the few countries in Asia to have an good casino industry, with zero restrictions for locals or foreigners. So far, this year’s VIP segment was led by the South Korean players.
So it’s clear why especially Philippines wants to keep the cooperation, casino industry generates a lot of money from taxes, and South Korean players are big spenders in the industry.
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