This exploratory study aims to discuss the multifaceted challenges and opportunities of the Philippine tourism industry during the COVID-19 pandemic. These challenges and opportunities are organized by following the elements of anti-pandemic strategies in the COVID-19 Management Framework. Some pressing challenges are the decline in tourism demand, layoff of workers, demand for online/digital transactions, avoidance of tourists to occupy hotel rooms used as quarantine facilities, and compliance of disaster management and control preparedness protocols. However, tourism industry can thrive through ample opportunities like exploring local tourism, training employees on digital services and on safety protocols, rebuilding company brand, improving business facilities, adapting to modern technology, and collaborating with consultants on disaster and risk management. These challenges and opportunities provide the bases for suggestions and recommendations to improve policies for future pandemic planning to cushion any potential impact on the tourism industry.