This and/or IF your player can output "pseudo"-format called PAL60 and your television can sync with it, then you can also watch NTSC movies with PAL system. The trick in there is that signal is sent in PAL, but instead of 50Hz it goes 60Hz (=same as NTSC). This is not an normal situation, but suprisingly wide area of televisions can do that. There are no standard to this so that is just to try, if there is such option in DVD-player.
Advantage from that kind of configuration is that if your TV doesn't show NTSC but can handle PAL60, you are fine. As most DVD-players could do so called NTSC to PAL conversion, but those look nasty as it just doubles "random" lines from source (little bit diffirent resolution) and movement is jerky (some frames are just dropped to get 50 pictures per second)