DOT, DTI sign MOA to boost tourism and trade

On Monday, April 7, the Department of Tourism (DOT) and the Department of Trade and Industry (DTI) signed a memorandum of agreement (MOA) to advance tourism and related industries in the Philippines.

The MOA aims to coordinate programs for promoting tourism-related businesses, participating in joint missions, developing sustainable enterprises, and providing capacity building initiatives for micro, small, and medium enterprises (MSMEs).

DTI Secretary Cristina Roque announced that her department's financing arm, SB Corp., will provide PHP500 million in loans to entrepreneurs in the tourism sector.

DOT Secretary Christina Garcia Frasco expressed confidence that this partnership would boost both tourism and trade growth, inclusivity, and sustainability.

Frasco also highlighted the potential impact of VAT refunds for foreign tourists on shopping tourism, aiming to exceed the record international tourism spending of PHP760 billion in 2024.

The agreement includes initiatives such as integrating local products into DTI's One Town, One Product (OTOP) initiative and promoting them at DOT-managed Tourist Rest Areas (TRAs), further boosting local tourism development.