MANILA, Philippines – President Ferdinand Marcos Jr. has approved a value-added tax refund program for foreign tourists by 2024 toThe government collects a 12% VAT on goods consumed within the Southeast Asian country. .
The measure is among the proposals a private sector advisory council presented to Marcos recently to boost the , including improving airport infrastructure and operations and promoting tourism investment, the PCO said in a statement., Indian, South Korean, and Japanese tourists, it said. The Philippines recorded 2.65 million international visitors last year, who brought in an estimated $3.68 billion in revenue, exceeding its 2022 target of 1.7 million tourists, according to the Department of Tourism.
Last year’s total comprised of 2.02 million foreign nationals and 628,445 Filipinos based abroad, which compared with only 163,879 tourists recorded in 2021 and was still significantly lower than the pre-pandemic annual level of 8.26 million.
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