Secretary Frederick Go; Secretary Cristina Roque; Secretary Christina Frasco; and fellow government workers: Good afternoon.

First, I would like to thank the DOF Revenue Operations Group, the Department of Tourism, the Bureau of Internal Revenue, the Bureau of Customs, and the Commission on Audit for working tirelessly in completing this IRR. Maraming salamat po sa inyong lahat.

Today marks yet another milestone in our economic journey.

Tourism, as I’ve said before, is a low-hanging fruit. But it’s not only easy, it is also one of the sweetest.

And here’s why: The tourism sector can easily double its economic contribution if we know how to nurture it.

With a multiplier effect of 1.97, every 100 pesos spent by a tourist generates 197 pesos in economic output. Imagine that. Halos doble ang balik sa ekonomiya.

And more money spent by foreign tourists means more businesses created, more Filipino workers hired, more jobs provided, higher incomes for our people, and more revenues for the government to collect. That’s the simple formula for growth.
So the question now is simple: How do we make tourists spend more?
The answer is just as simple: We give them a reason to. And today’s IRR signing is that reason made real.

But as with any law, the impact of this measure depends on implementation.

For this law to succeed, two things must happen: We need a fully functional VAT refund system and a surge in inbound tourism. We want more tourists to come — and we want them to stay longer, spend bigger, and transact with convenience.

We heard the President loud and clear. We need to make the VAT refund process simple, accessible, and culturally inclusive. And that’s exactly what we are going to do.

From our end at the Department of Finance, we aim to deliver a VAT refund system that is world-class, modern, and built on the principles of transparency, efficiency, and ease.

For this will help ensure that our people, our businesses, our communities, and our tourists will be able to maximize the law’s benefits to the fullest extent.

And to increase inbound tourists, we count on the Department of Tourism’s initiatives to market the Philippines as the right place to visit and spend their money in.

The DOF also strongly supports our infrastructure agencies in expanding airports, seaports, roads, and transport systems because connectivity is key.

On the part of the economic team, we will ensure the accelerated implementation of the CREATE MORE Act, the PPP Code, and other economic liberalization laws to attract more investments that will fuel the growth of our tourism industry.

Our shared goal should be clear: Tourists should leave the Philippines with more than just souvenirs.

They should leave knowing that this is a country that delivers on its promises. A country that knows how to take good care of its guests. A country that doesn’t just welcome them with smiles—but with systems and policies that work.

For if we do things right, in the eyes of our visitors, we won’t just be a country of pristine beaches and warm hospitality. We’ll be that one ultimate tourist destination they’ll keep coming back to. Again and again.

So to our tourists, now is the perfect time to visit the Philippines. We’ve got it all for you—VAT refund included!

Again, maraming salamat po sa inyong lahat. Mabuhay kayong lahat! Mabuhay ang Bagong Pilipinas.