Thus, tourism and hospitality promotes economic growth and development by enhancing acquisition of foreign exchange, generating employment, promoting development of infrastructure, contributing to government revenue and enhancing preservation of national culture and heritage.
What is the role of tourism in the economic development?
Tourism boosts the revenue of the economy, creates thousands of jobs, develops the infrastructures of a country, and plants a sense of cultural exchange between foreigners and citizens. … Governments that rely on tourism for a big percentage of their revenue invest a lot in the infrastructure of the country.
What is the role of tourism and hospitality?
Hospitality and Tourism generates income in a variety of ways. The Government earns revenue from the industry. … Money is spent by tourists also on many other human needs when visiting a new place. They spend on medicines, clothes, food, transportation, entertainment and also on souvenirs.
Why is hospitality important to the economy?
The greatest perceived socio-economic impacts of the hospitality sector are increased employment, improved living standards, greater tax revenues to State and local governments, and growth in local retail sales. Hospitality sector encompasses many subsectors: lodging, food services, gaming, cruise lines, travel, etc.
What is the importance of the tourism and hospitality industry in the Philippine economy?
Tourism is an important sector for the Philippine economy. In 2019, the travel and tourism industry contributed 12.7% to the country’s GDP. Good travel and tourism policies enable millions of international visitors annually.
Why tourism and hospitality should be viewed as a very important industry in the economic development of a country?
Tourism is considered an essential tool for developing economies, noticeably in generating foreign exchange, attracting international investment, increasing tax revenue, and providing job opportunities [7].
What are the impacts of tourism and hospitality on the economy of the Philippines?
Contribution of Tourism to the Philippine Economy is 12.7 percent in 2018. As measured by the share of Tourism Direct Gross Value Added (TDGVA) to the Gross Domestic Product (GDP), the contribution of tourism industries… Read more about Contribution of Tourism to the Philippine Economy is 12.7 percent in 2018.