The Southeast Asian nation registered an estimated 482.5 billion pesos (US$8.7 billion) international tourism receipts in 2023, up 124.9% from the year before.

That exceeded the almost 482.2 billion pesos recorded in 2019 or the year before the pandemic, president Ferdinand Marcos Jr’s communications office said in a statement posted on Facebook Wednesday, citing data from the department of tourism.

The agency is targeting 7.7 million international visitor arrivals this year, it said. The Philippines logged 5.45 million international visitors in 2023, surpassing the 4.8 million target but represents only 66% of total arrivals in 2019.

South Korea and the US were the main tourist sources last year. Some 263,836 Chinese tourists visited the Philippines in 2023, compared to the 1.7 million in 2019.

Tourism contributed 6.2% to Philippine economic output in 2022, based on the latest available government data. The nation is aiming for at least 6% economic growth for 2023, and 6.5% to 7.5% this year.