Boracay rehab to boost external payments - BSP

Agcaoili, Lawrence

Date

April 10, 2018

Author

Agcaoili, Lawrence

Metadata

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Classification code

PS20180410_B1

Excerpt

The rehabilitation of Boracay island is likely to boost the country’s external payments position in the long term through a more sustainable tourism industry, according to the Bangko Sentral ng Pilipinas. BSP Deputy Governor Diwa Guinigundo said the impending six-month closure of the world-renowned tourist island would involve short-term costs of forgoing immediate tourist receipts. “But over the long term, it should result in a more sustainable tourism industry. That should be expected to bring in more and more substantial income that could further support the external payments account,” Guinigundo said.

Citation

Agcaoili, L. (2018, April 10). Boracay rehab to boost external payments - BSP. The Philippine Star, pp. B1, B2.