MANILA, Philippines - Around P3 million in income opportunities have been lost in Cebu as tourists from Hong Kong and China continued to cancel their bookings following the bloody hostage-taking in Manila.

Hotels in the province, where the famous Mactan Island is, have reported losses amounting to P2 million, while tourist transport companies placed foregone revenues at around a million pesos.

To lure back customers, big players such as the Mactan Shangri-La Resort and Spa and the Waterfront Hotel have announced an average of 5% discount on rooms, food, and tour packages.

"We have to do this to save our tourism sector. We have to sacrifice to propel the economy," said Michael Albana, marketing director of Mactan Shangri-La.

Albana said they will offer the promos starting this month until December.

Earlier, an organization of hotel owners in another tourist favorite Boracay Island reported up to P7 million in revenue losses per day due to the wave of booking cancellations following the hostage-taking in Manila where 8 Hong Kong tourists died.

The Department of Tourism (DoT) has admitted the government would no longer meet its target of doubling tourist arrivals this year.

According to the DoT, East Asia -- composed of China, Hong Kong, Japan, Korea and Taiwan -- is the Philippines' major source of foreign visitors.

Data in the DoT website showed that from January to May this year, a total of 33,395 tourists from Hong Kong visited the Philippines, 14.43% higher than the 29,185 reported in the same period in 2009. - Report from Rico Lucena, ABS-CBN News