The Market Monitor Minding the Nation's Business
The Asian Development Bank (ADB) is adding another $3 billion to the existing $4 billion it had already invested in the tourism sector of the Philippines, according to ADB East and Southeast Asia and the Pacific Vice President Scott Morris during the recently concluded ASEAN Tourism Summit held in Cebu.
ADB plans to pour in the $3 billion by 2030 while the $4 billion had been invested since the early 2000s.
Morris emphasized ADB’s commitment to tourism, noting that it serves as a “driver of inclusive growth, job creation, and regional integration across ASEAN.”
“Since the early 2000s, ADB has mobilized over $4 billion in tourism-related financing across the region. We have combined strategic infrastructure investments with policy reform, capacity building, and private sector mobilization, delivering measurable results in improved connectivity, higher quality tourism offerings, stronger local value chains, and increased resilience of destinations and communities to natural disasters, climate change, and market vulnerabilities,” he said.
Morris added there is a $3 billion pipeline of new tourism and tourism-enabling investments planned across ASEAN through 2030, highlighting the sector’s ongoing role in supporting development outcomes.
“ADB has been pleased to support ASEAN member states over the past year in preparing a regional tourism policy framework that advances these shared development objectives,” he added.
Meanwhile, Tourism Secretary Christina Frasco emphasized the vital role of regional stakeholders in promoting sustainable tourism within ASEAN.
She reiterated the goal of implementing the ASEAN Tourism Sector Plan for 2026-2030, which was a key outcome of the high-level meeting, with the Philippines acting as country coordinator.
The ADB is one of the partners supporting ASEAN’s tourism initiatives.
This year marks the 45th anniversary of the ASEAN Tourism Forum (ATF), which was first held in Malaysia in 1981.
After nearly two decades, Cebu is again hosting ASEAN events, including the ASEAN Foreign Ministers’ Retreat and the ATF.