The Impact of Tourism on Bohol’s Economy

Tourism has become a cornerstone of Bohol’s economic landscape, propelling the province into a period of robust growth and development. From its pristine beaches to its unique geological formations, Bohol’s natural and cultural attractions have drawn increasing numbers of visitors, significantly influencing various economic sectors.

Economic Growth Driven by Tourism

In 2023, Bohol’s economy experienced a substantial 7.1% growth, reaching a Gross Domestic Product (GDP) of PHP 171 billion. This surge was largely attributed to the revitalization of the tourism industry, with tourist arrivals increasing by 313% compared to the previous year, totaling close to one million visitors. The influx of tourists not only boosted the hospitality and service sectors but also stimulated investments across the province.  

 The momentum continued into 2024, with the economy growing by 6.6%, surpassing the national average of 5.5%. The service sector, heavily influenced by tourism-related activities, contributed approximately 74% to the province’s GDP.

Investment and Infrastructure Development

The tourism boom has attracted significant investments, amounting to PHP 29.3 billion in 2023 . These investments have been channeled into various infrastructure projects, including the development of the Panglao Bohol International Airport, which is set to be managed under a 30-year public-private partnership. Such developments aim to enhance connectivity and accommodate the growing number of tourists.   

Additionally, the surge in tourism has led to increased demand for energy, prompting the implementation of renewable energy projects like the Dagohoy Solar Power Project. This initiative not only supports the energy needs of key tourist destinations but also aligns with Sustainable Development Goals. 

Socioeconomic Benefits

The positive impact of tourism extends to the socioeconomic sphere, with poverty incidence in Bohol decreasing to 14.8% in 2023 from 19.1% in 2021. The growth of the tourism sector has created employment opportunities and increased income levels, contributing to improved living standards for many residents. 

Moreover, the banking sector has seen growth, with deposits reaching PHP 68 billion, reflecting increased financial activity and confidence in the local economy.

Challenges and Sustainability

Despite these gains, the rapid expansion of tourism presents challenges, including the need for sustainable practices to preserve Bohol’s natural and cultural heritage. Efforts are underway to integrate renewable energy solutions and implement governance frameworks like the Performance Governance System to ensure that tourism development is both inclusive and environmentally responsible. 

Conclusion

Tourism has undeniably become a vital driver of Bohol’s economic growth, bringing about significant investments, infrastructure development, and socioeconomic improvements. As the province continues to attract visitors from around the world, it faces the imperative of balancing growth with sustainability to ensure that the benefits of tourism are long-lasting and inclusive for all Boholanos.