The defense minister pledged to act "decisively" against what he described as "a very serious action."
"We must not allow the terror attack to cause panic and frighten away tourists. We'll do everything to protect our citizens and keep tourism as an important element," said Peretz.
In a press conference, after being asked about the absence of a protective fence along the border with Egypt, Peretz said "the budget for such a project is in the billions and we have a list of priorities. The (southern border) will be prioritized as necessary, and the issue will be discussed by the defense establishment."
"I hope we decide on the issue quickly. No one should think that the defense establishment is neglecting a section of the State of Israel," he added.
"We have precise information about the suicide bomber's arrival and his assistance infrastructure. We are collecting intelligence information in order to know how to deal with the planners of such acts," he said.
'We'll deal with attack's planners'
"This is a most severe incident and we will handle it at once. We are doing all we can. We have no intention of reporting our intentions in advance. We'll protect Israeli citizens and Israeli tourist attractions." He promised to consult with the Chief of IDF's Southern Command and examine opportunities to "increase ongoing security operations."
Ministry of Tourism Isaac Herzog accompanied Peretz in his visit to the town and the two are set to meet Eilat's Mayor Meir Yitzhak Halevi later on.
Eilat residents Michael Ben Sadon, 27, Emil Almaliach, 32, and Israel Samoliya, 26 were killed in the suicide bombing Monday.
Breached border
Monday’s terror attack in Eilat came as no surprise to the security establishment, as it has long since warned of a possible suicide bombing against Israel’s southernmost city emanating from Gaza.
Recently the IDF significantly boosted security along the Israel-Egypt border, and a senior army official said the bombing in Eilat should prompt the political echelon to increase security in the area. The matter has been frozen due to budgetary concerns.