Shares of Philippine casinos, hotel operators, and airlines fell yesterday after Chinese travel agencies halted tours to the Philippines.
“Avoid going out at all if possible, and if not, to avoid going out alone. If you come across any demonstrations, leave the area, do not stay to watch,” the embassy’s advisory said.
China is one of the fastest growing tourist market in the Philippines, which accounts for more than eight percent share of total arrivals. Of the 1.1 million tourists that visited the Philippines in the first three months of 2012, the 96,000 tourists are from China.
Presidential spokesman Ricky Carandang said in a mobile phone message that the decline in tourism stocks yesterday was a “knee-jerk reaction.”