THE COUNTRY'S Finance chief on Friday urged thrift banks to back
entrepreneurs undertaking tourism projects, saying such support would
help spur economic growth.
"We need to work together, the government, the banks and other private
sectors to create an ecosystem for tourism," Finance Secretary Cesar V.
Purisima said at the quarterly membership meeting of the Chamber of
Thrift Banks (CTB).
Mr. Purisima challenged members of the CTB to aid the government in
developing "a more entrepreneurial future" by extending financing to
entrepreneurs who want to put up tourism-related businesses.
He said tourism can further spur economic growth.
The Tourism department has said it targets to have 3.74 million tourists
this year, higher than the 3.52 million foreign visitors last year.
The Aquino government is boosting tourism in order to produce more local
jobs.
As of the first semester, there were 1.91 million foreign visitors
mostly coming from South Korea, the US, Japan, China and Taiwan.
"Though we have overseas Filipinos who send in remittances that
supporting our economy, we want them to come back to the country," Mr.
Purisima said. "They can't be our growth drivers forever."
As for the business process outsourcing (BPO) firms, another source of
foreign exchange, Mr. Purisima they are not enough to fully sustain the
country's growth.
Putting up tourism-related businesses in the countryside, he said, would
create alternative activities for tourists and give them an "enhanced"
experience of the country.
"If they have a good experience in the country, they would keep on
returning and one tourist would result in one job for one Filipino," he
said.
CTB President Patrick D. Cheng welcomed Mr. Purisima's challenge.
"Banks are willing to lend to entrepreneurs, but it would still depend
on the viability of the project," he said.
"Enhancements in the country's tourism sector would be beneficial for
our members as well as a lot of them are in the countryside so reforms
in the countryside would be good for most of our members," he added.
The CTB has 53 members at present.
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