The Philippines and South Korea are set to expand tourism ties, following the signing of an implementation programme of the “Memorandum of Understanding on Tourism Cooperation for 2024-2029”.

The document was signed on Monday by the Philippines Department of Tourism and South Korea’s Ministry of Culture, Sports, and Tourism, during the visit of South Korean President Yoon Suk-yeol to the Philippines, according to a press release.

The announcement said the implementation programme “continues and expands the bilateral tourism cooperation between the two countries” under an agreement first signed in 2006.

The update cited the Secretary of Tourism of the Philippines, Christina Frasco, as saying: “The Department of Tourism welcomes the signing of the implementation programme on tourism cooperation which will further enhance the long-standing relations between our two nations in tourism and people-to-people exchanges.”

She added: “We anticipate this will increase demand for more Philippine destinations and tourism products from our number one source market, South Korea, and provide more opportunities for the economic advancement of our people, with the expected growth in our tourism numbers.”

The Philippines received just above 4.08 million foreign tourists in the first nine months of 2024, up 10.4 percent from the prior-year period, according to official data.

South Korea remains the Philippines’ top source market, with nearly 1.20 million arrivals in the January to September period, accounting for nearly 27.0 percent of the total. The tally from that market was up by 12.1 percent year-on-year.

The Philippines is one of the few jurisdictions in Asia to have an extensive casino industry with unrestricted access for locals, as well as foreigners.

According to investment analysts, so far this year, the VIP segment at the country’s casinos was led by South Korean punters.

Under the renewed bilateral agreement on general tourism, both countries have agreed to strengthen mutual development and competency in the fields of hotels, resorts, cruises, ports, and tourism products.