Final answer:
The Philippine government can reduce the effects of risks in tourism destinations through disaster preparedness, sustainability in economic policies to prevent multiplier leakage, promoting ecotourism, and legal frameworks to protect against financial instability.
Step-by-step explanation:
To effectively reduce the negative effects of risks and hazards in tourism destinations, the Philippine government could implement several strategies. Strong infrastructure planning and building codes can minimize damage from natural disasters like earthquakes and typhoons. Governments and individuals should engage in extensive disaster preparedness education and ensure effective early warning systems are in place. This education can include earthquake drills and the dissemination of knowledge on what to do in the event of a natural disaster.
Economic policies can also play a vital role in managing tourism to promote sustainable practices and to ensure profits benefit local economies. Ensuring foreign investments in the tourism sector include partnerships with local businesses can help prevent multiplier leakage where the local community sees minimal economic benefit from tourism. By prioritizing ecotourism, the government can help safeguard the environment and local cultural traditions while benefiting from tourism. Ecotourism prioritizes sustainable travel that minimizes impact on the environment and often promotes conservation efforts.
Finally, robust legal frameworks and regulations are needed to protect the country from economic volatility that could be caused by rapid changes in investment flows. These could include safeguards against capital flight and the implementation of transparent financial systems to avoid banking system collapse, as exemplified by the Asian financial crisis history. By taking a holistic approach, combining stringent planning regulations, economic and educational strategies, and strong financial protective measures, the Philippine government can foster a resilient tourism industry.