The Philippine tourism industry is to receive a multi-million dollar service-oriented jolt from the Canadian government, the first major foreign investment into the country after it received its first-ever investment-grade credit rating by Fitch on March 28.
The Canadian International Development Authority (CIDA), a developmental arm of the Canadian government that provides foreign aid, has announced that it will extend a $7.1 million grant in technical assistance, with the Asian Development Bank (ADB) acting as the administering agency. The signing ceremony for the grant is taking place on April 10 in Manila, with Director Shigeko Hattori of the ADB, Mr Luke Myers of CIDA, and Department of Tourism Secretary Ramon Jimenez, Jr in attendance.he grant will focus its funds on the development of industry competitiveness through three key outputs over the coming four years: regulatory review, service standards and skills development – all of which the industry will need to continue the path of international credibility it has gathered.
The Philippines in recent weeks has received awards and citations for its tourism destinations from global organisations and international magazines. At the top of April, Scuba Diving Magazine named the Philippines, along with Malaysia, the best diving destination in the Pacific and Indian Oceans. During the first week of March 2013, Boracay was named the Best Beach in Asia and 24th in the world by Trip Advisor.
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